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<SEC-DOCUMENT>0000930413-05-004930.txt : 20050708
<SEC-HEADER>0000930413-05-004930.hdr.sgml : 20050708
<ACCEPTANCE-DATETIME>20050708130426
ACCESSION NUMBER:		0000930413-05-004930
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20050430
FILED AS OF DATE:		20050708
DATE AS OF CHANGE:		20050708
EFFECTIVENESS DATE:		20050708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137391
		IRS NUMBER:				510409109
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10331
		FILM NUMBER:		05945229

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

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>c37892_ncsrs.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<P align="center">
<FONT face="serif">UNITED STATES </FONT><br>

<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-CSR </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANIES </FONT></B></P>
<P align="center">
<FONT face="serif">Investment Company Act file number:&nbsp;&nbsp;&nbsp;811-10331</FONT></P>
<P align="center">
<FONT face="serif">BlackRock California Municipal Income Trust<br>
(Exact name of registrant as specified in charter) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
<FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
<FONT face="serif">19809</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan="3">
<HR noshade size=2>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
      </center></TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT face="serif">(Zip code)</FONT>&nbsp;
      </center></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif"> Robert S. Kapito, President </FONT>
<p></p>
<font face="sans-serif">
<center>
<b>BlackRock California Municipal Income Trust</b>
</center>
</font>
<center>
  <B><FONT face="serif">  </FONT></B>
  <p></P>
</center>
<P align="center">
<FONT face="serif"> 40 East 52nd Street, New York, NY 10022   <br>
(Name and address of agent for service) </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT face="serif">Registrant's telephone number, including area code: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT face="serif">Date of fiscal year end:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2005</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT face="serif">Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=2>

<P align="left" style="page-break-before:always"></P><PAGE>
<P>
<B><FONT face="serif">Item 1. Reports to Shareholders.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">The Registrant&#146;s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: </FONT></P>
<P>



<P>
<FONT size=1 face="sans-serif">FIXED INCOME&nbsp; &nbsp; LIQUIDITY&nbsp; &nbsp; EQUITIES&nbsp; &nbsp; ALTERNATIVES &nbsp; &nbsp;BLACKROCK SOLUTIONS</FONT></P>
<P>
<FONT size=5 face="sans-serif">BlackRock <br>
Closed-End Funds <br>
Semi-Annual Report</FONT></P>
<p><FONT size=2 face="sans-serif">APRIL 30, 2005 (Unaudited)</FONT></p>
<hr noshade>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock Municipal Income Trust (BFK)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock California Municipal Income Trust (BFZ)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock Florida Municipal Income Trust (BBF)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">BlackRock New York Municipal Income Trust (BNY)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<p>&nbsp;    </p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="62%"><font size=1 face="sans-serif">NOT FDIC INSURED</font><br>
        <font size=1 face="sans-serif">MAY LOSE VALUE</font><br>
        <font size=1 face="sans-serif">NO BANK GUARANTEE<br>
      </font></td>
    <td width="38%"><img src="c37892_ncsrs-ax1x1.jpg" border=0></td>
  </tr>
</table>
<p><br>
  <BR>
</p>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=51% colspan="5" align=left>
      <center>
        <B><FONT face="serif">TABLE OF CONTENTS</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
	<TD width="51%" align=left>
<FONT face="serif">Letter to Shareholders</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="39%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="6%" align=right>
<FONT face="serif">1</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">Trusts&#146; Summaries</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">Portfolios of Investments</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">Financial Statements</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Assets and Liabilities</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">36</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Operations</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Changes in Net Assets</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">40</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">Financial Highlights</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">44</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">Notes to Financial Statements</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">54</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">Dividend Reinvestment Plans</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">60</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">Additional Information</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT face="serif">60</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<center>
  <hr noshade>
  <B><FONT size=2 face="serif">Privacy Principles of the Trusts</FONT></B>
</center>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what
personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to
the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer
agent or third party administrator).</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical,
electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.</FONT></P>
<hr noshade>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<p><B><FONT face="serif">LETTER TO SHAREHOLDERS</FONT></B></p>
<p align="right"><BR>
<FONT size=2 face="serif">April 30, 2005</FONT></p>
<p><BR>
<FONT size=2 face="serif">Dear Shareholder:</FONT></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are pleased to report that during the semi-annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities.
This report contains the Trusts&#146; unaudited financial statements and a listing of the portfolios&#146; holdings.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The portfolio management team continuously monitors the municipal bond market and adjusts the portfolios in order to gain exposure to various issuers, revenue sources and security types. This
strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table shows the Trusts&#146; current yields, tax-equivalent yields, closing market prices per share and net asset values (&#147;NAV&#148;) per share as of April 30,
2005.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=50% align=left>&nbsp; </TD>
    <TD width=6% align=left>
      <center>
    </center></TD>
    <TD width=5% align=left>
      <center>
    </center></TD>
    <TD width=1%>
      <center>
    </center></TD>
    <TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Tax-</FONT></B>
      </center>
      <center>
      </center>
      <center>
    </center></TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan="3" align=center> <B><FONT size=2 face="serif">Closing</FONT></B>
        <center>
      </center></TD>
    <TD width=1% align=left>
      <center>
    </center></TD>
    <TD width=9% align=left>
      <center>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Current </FONT></B>
      </center>
      <center>
    </center></TD>
    <TD align=right><center>
    </center></TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">Equivalent </FONT></B>
      </center>
        <center>
      </center></TD>
    <TD width="1%" align=right><center>
    </center></TD>
    <TD colspan="3" align=center> <B><FONT size=2 face="serif">Market</FONT></B>
        <center>
      </center></TD>
    <TD align=left>
      <center>
    </center></TD>
    <TD align=left>
      <center>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Trust
          (Ticker)</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Yield</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
      </center>
      <center>
    </center></TD>
    <TD>
      <center>
    </center></TD>
    <TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Yield</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
      </center>
      <center>
    </center></TD>
    <TD>
      <center>
    </center></TD>
    <TD colspan="3" align=center> <B><FONT size=2 face="serif">Price</FONT></B>
        <center>
      </center></TD>
    <TD colspan="2" align=left>
      <center>
      </center>
      <center>
        <B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        Investment Quality Municipal Trust (BKN)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width="7%" align=right> <FONT size=2 face="serif">9.12</FONT> </TD>
    <TD width="6%" align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width="2%" align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=2 face="serif">15.41</FONT>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=center> <FONT size=2 face="serif">15.85</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        Municipal Income Trust (BFK)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.72</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10.34</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.49</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">14.85</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        California Investment Quality Municipal Trust
        (RAA)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.95</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.15</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.25</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">14.53</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        California Municipal Income Trust (BFZ)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.49</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.98</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.06</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">15.27</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        Florida Investment Quality Municipal Trust
        (RFA)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.94</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.14</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.30</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">14.79</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        Florida Municipal Income Trust (BBF)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.11</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.40</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.80</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">15.66</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        New Jersey Investment Quality Municipal Trust
        (RNJ)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.56</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8.55</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.50</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">14.78</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        New Jersey Municipal Income Trust (BNJ)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.16</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.48</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.62</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">15.92</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        New York Investment Quality Municipal Trust
        (RNY)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.24</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.60</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.07</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">15.35</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">BlackRock
        New York Municipal Income Trust (BNY)</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.23</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.58</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14.52</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">15.52</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <SUP><FONT size=1 face="serif">1</FONT></SUP><FONT size=1 face="serif">Yields
        are based on closing market price. Tax-equivalent
        yield assumes the maximum Federal tax rate
    of 35%.</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BlackRock,
    Inc. (&#147;BlackRock&#148;), a world leader in asset management, has a proven commitment to the municipal bond market. As of March 31, 2005, BlackRock managed over &#36;30 billion
in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world&#146;s
largest institutional investors. BlackRock Advisors,
Inc., and its affiliate, BlackRock Financial Management,
Inc., which manages the Trusts, are wholly owned subsidiaries
of BlackRock.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.</FONT></P>
<P> <FONT size=2 face="serif">Sincerely,</FONT></P>

<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><img src="c37892_ncsrs-ax3x1.jpg" border=0></TD>
  <TD>&nbsp;</TD>
  <TD align=left><img src="c37892_ncsrs-ax3x2.jpg" border=0></TD>
</TR>
<TR valign="bottom">
	<TD width=48% align=left>
<FONT size=2 face="serif">Laurence D. Fink</FONT>&nbsp;
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=49% align=left>
<FONT size=2 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">President</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="3">
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">BKN</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">February 19, 1993</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD width="17%" align=right>
<FONT size=2 face="serif">&#36;15.41</FONT>
	</TD>
	<TD width="13%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.85</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;15.41):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5.93</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.076189</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.914268</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">36</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P><FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s
market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
  <TD colspan="10"><HR noshade size=1></TD>
  </TR>
<TR align="center" valign="bottom">
	<TD width=26%>&nbsp;

	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD width=17%>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#36;15.41</FONT>&nbsp;
	</TD>
	<TD width="5%" align="right">&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.12</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">1.92%</FONT>
	</TD>
	<TD width="5%" align="right">&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=2 face="serif">&#36;16.38</FONT>&nbsp;
	</TD>
	<TD width="5%" align="right">&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=2 face="serif">&#36;14.31</FONT>&nbsp;
	</TD>
    <TD width="4%" align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.85</FONT>&nbsp;
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.71</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.89%</FONT>
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;16.06</FONT>&nbsp;
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.53</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=62% align=left>
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">25</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="14%" align=right>
<FONT size=2 face="serif">18</FONT>
	</TD>
	<TD width="12%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Power</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="5" align=center>
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">49</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">44</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">21</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">B</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;), Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) or Fitch Ratings
(&#147;Fitch&#146;s&#148;) rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="3">
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="75%" align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">BFK</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">July 27, 2001</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD width="14%" align=right>
<FONT size=2 face="serif">&#36;14.49</FONT>
	</TD>
	<TD width="11%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.85</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.49):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6.72</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.081125</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.973500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">37</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
  <TD colspan="11"><HR noshade size=1></TD>
  </TR>
<TR align="center" valign="bottom">
	<TD width=31%>&nbsp;

	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#36;14.49</FONT>&nbsp;
	</TD>
	<TD width="5%" align="right">&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=2 face="serif">&#36;14.05</FONT>&nbsp;
	</TD>
	<TD width="6%" align="right">&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">3.13%</FONT>
	</TD>
	<TD width="6%" align=right>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#36;14.94</FONT>&nbsp;
	</TD>
	<TD width="4%" align="right">&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#36;13.59</FONT>&nbsp;
	</TD>
    <TD width="3%" align=center>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.85</FONT>&nbsp;
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.26</FONT>&nbsp;
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4.14%</FONT>
	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.98</FONT>&nbsp;
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.10</FONT>&nbsp;
	</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=61% align=left>
 &nbsp;<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">25</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">23</FONT>
	</TD>
	<TD width="11%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Power</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD colspan="5">
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">31</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">32</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">25</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">32</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">B</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="5">
      <HR noshade size=1>
	</TD>
  </TR>
<TR>
	<TD colspan=5><HR align="left" width="140" size=1 noshade>

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="74%" align=left>
<FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">RAA</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">May 28, 1993</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">&#36;14.25</FONT>
	</TD>
	<TD width="11%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.53</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.25):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5.95</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.0706</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.8472</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P><FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s
market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
  <TD colspan="9"><HR noshade size=1></TD>
  </TR>
<TR align="center" valign="bottom">
	<TD width=30%>&nbsp;

	</TD>
	<TD width=12%>
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=11%>
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD width="12%" align=center>
<FONT size=2 face="serif">&#36;14.25</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#36;14.30</FONT>&nbsp;
	</TD>
	<TD width="6%" align="right">&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">(0.35</FONT>
	</TD>
	<TD width="7%" align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=2 face="serif">&#36;14.95</FONT>&nbsp;
	</TD>
	<TD width="6%">&nbsp;
	</TD>
	<TD width="11%" align=center>
<FONT size=2 face="serif">&#36;13.76</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.53</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.43</FONT>&nbsp;
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.69</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.65</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.30</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>

<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=62% align=left>
 &nbsp;<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">25</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">24</FONT>
	</TD>
	<TD width="11%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">16</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">24</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Power</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD colspan="5">
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">33</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">36</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">18</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">20</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">22</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">B</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="5">
      <HR noshade size=1>
	</TD>
  </TR>
<TR>
	<TD colspan=5><HR align="left" width="140" size=1 noshade>

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="3">
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="75%" align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">BFZ</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">July 27, 2001</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">&#36;14.06</FONT>
	</TD>
	<TD width="10%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.27</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.06):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6.49</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.076074</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.912888</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">37</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the
current annualized distribution per share by the closing
market price.</FONT></P>
<P><SUP><FONT size=1 face="serif">2
  </FONT></SUP><FONT size=1 face="serif">The distribution
  is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P align="left">
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="10" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=32% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD align="center">
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">&#36;14.06</FONT>&nbsp;
	</TD>
	<TD width="5%" align="right">&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=2 face="serif">&#36;13.65</FONT>&nbsp;
	</TD>
	<TD width="6%" align="right">&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">3.00</FONT>
	</TD>
	<TD width="6%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#36;14.45</FONT>&nbsp;
	</TD>
	<TD width="5%">&nbsp;
	</TD>
	<TD width="11%" align=center>
<FONT size=2 face="serif">&#36;13.27</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.27</FONT>&nbsp;
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.77</FONT>&nbsp;
	</TD>
	<TD align="right">&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3.39</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.43</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.62</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">21</FONT>
	</TD>
	<TD width="6%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="17%" align=right>
<FONT size=2 face="serif">22</FONT>
	</TD>
	<TD width="13%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Power</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">28</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">31</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">33</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">20</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">24</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">B</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<hr align="left" width="140" size="1" noshade>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="98%"><SUP><FONT size=1 face="serif">4</FONT></SUP> <FONT size=1 face="serif">Using
        the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT> </td>
  </tr>
  <tr valign="top">
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><p><FONT size=1 face="serif"><SUP>5</SUP> The investment
          advisor has deemed certain of these non-rated securities
        to be of investment grade quality. As of April
        30, 2005 and October 31, 2004, the market value
        of these securities was <br>
&nbsp; &nbsp;&#36;8,165,617, representing 2.3%, and &#36;8,107,293, representing 2.3%,
respectively, of the Trust&#146;s long-term investments.</FONT></p></td>
  </tr>
</table>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="72%" align=left>
<FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">RFA</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD width="17%" align=right>
<FONT size=2 face="serif">May 28, 1993</FONT>
	</TD>
	<TD width="11%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.30</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.79</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.30):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5.94</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.070781</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.849372</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
  on closing market price is calculated by dividing the
  current annualized distribution per share by the closing
  market price.</FONT>
<br>
<SUP><FONT size=1 face="serif">2
    </FONT></SUP><FONT size=1 face="serif">The distribution
  is not constant and is subject to change.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As
  a percentage of managed assets (as defined in Note
  2 of the Notes to Financial Statements).</FONT>
<p><FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s
market price and NAV:</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=28% align=left>&nbsp;

	</TD>
	<TD width=13% align=center>
<B><FONT size=2 face="serif">4/3005</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD align="center">
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=8>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD width="13%" align=center>
<FONT size=2 face="serif">&#36;14.30</FONT>&nbsp;
	</TD>
	<TD width="14%" align=center>
<FONT size=2 face="serif">&#36;14.30</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">0.00</FONT>
	</TD>
	<TD width="7%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#36;15.55</FONT>&nbsp;
	</TD>
	<TD width="5%">&nbsp;
	</TD>
	<TD width="15%" align=center>
<FONT size=2 face="serif">&#36;13.90</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=8>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.79</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.02</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1.53</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.01</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.66</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=8>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=59% align=left>
 &nbsp;<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">20</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="17%" align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD width="13%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">20</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Power</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="5" align=center>
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">56</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">61</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">16</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="5">
      <HR noshade size=1>
	</TD>
  </TR>
<TR>
	<TD colspan=5><HR align="left" width="140" size=1 noshade>

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="3">
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="75%" align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">BBF</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">July 27, 2001</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">&#36;14.80</FONT>
	</TD>
	<TD width="10%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.66</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.80):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6.11</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.075375</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.904500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">36</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the
current annualized distribution per share by the closing
market price. </FONT><SUP><FONT size=1 face="serif"><br>
2
</FONT></SUP><FONT size=1 face="serif">The distribution
is not constant and is subject to change.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As
a percentage of managed assets (as defined in Note
2 of the Notes to Financial Statements).</FONT>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="7" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=38% align=left>&nbsp;

	</TD>
	<TD width=15% align=center>
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD width=11% align=center>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD width=11% align=center>
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=12% align=center>
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.80</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.40</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">2.78</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.11</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;13.88</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.66</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.27</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">2.55</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.76</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=58% align=left>
<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">35</FONT>
	</TD>
	<TD width="6%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="16%" align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD width="14%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">20</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Power</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">26</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">22</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">40</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<hr align="left" width="140" size="1" noshade>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="98%"><SUP><FONT size=1 face="serif">4</FONT></SUP> <FONT size=1 face="serif">Using
        the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT> </td>
  </tr>
  <tr valign="top">
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><p><FONT size=1 face="serif"><SUP>5</SUP> The investment
          advisor has deemed certain of these non-rated securities to be of investment
          grade quality. As of April 30, 2005 and October 31, 2004, the market
          value of these securities was<br>
&nbsp; &nbsp; </FONT><FONT size=1 face="serif">&#36;3,765,543, representing 2.4%,
and &#36;1,745,869, representing 1.1%, respectively, of the Trust&#146;s long-term
investments.</FONT></p></td>
  </tr>
</table>
<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">7</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">TRUST SUMMARIES (unaudited) APRIL 30, 2005</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="3">
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" align=left>
<FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD width="18%" colspan="2" align=center>
<FONT size=2 face="serif">RNJ</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD width="18%" colspan="2" align=center>
<FONT size=2 face="serif">May 28, 1993</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.50</FONT>
	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;14.78</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.50):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5.56</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.067148</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.805776</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the
current annualized distribution per share by the closing
market price. </FONT><SUP><FONT size=1 face="serif"><br>
2
</FONT></SUP><FONT size=1 face="serif">The distribution
is not constant and is subject to change.<br>
</FONT><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As
a percentage of managed assets (as defined in Note
2 of the Notes to Financial Statements).</FONT></P>
<P><FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s
market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="7" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=31% align=left>&nbsp;

	</TD>
	<TD width=16% align=center>
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD width=17% align=center>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD width=11% align=center>
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=12% align=center>
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.50</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.00</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">(3.33</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.38</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;13.81</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.78</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.79</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.07</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.98</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.63</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=61% align=left>
 &nbsp;<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD width="11%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Resource Recovery</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD colspan="5">
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">56</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">56</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
      <hr noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">B</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="5">
      <HR noshade size=1>
	</TD>
  </TR>
<TR>
	<TD colspan=5><HR align="left" width="140" size=1 noshade>

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">8</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">TRUST SUMMARIES (unaudited) <br>
APRIL 30, 2005<br>
</FONT></B><B><FONT size=2 face="serif">BlackRock
New Jersey Municipal Income Trust (BNJ)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="3">
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="75%" align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">BNJ</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">July 27, 2001</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">&#36;14.62</FONT>
	</TD>
	<TD width="10%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.92</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.62):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6.16</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.075108</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.901296</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">35</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the
current annualized distribution per share by the closing
market price. </FONT><SUP><FONT size=1 face="serif"><br>
2
</FONT></SUP><FONT size=1 face="serif">The distribution
is not constant and is subject to change.<br>
</FONT><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As
a percentage of managed assets (as defined in Note
2 of the Notes to Financial Statements).</FONT></P>
<P><FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s
market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="7" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=33% align=left>&nbsp;

	</TD>
	<TD width=15% align=center>
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD width=15% align=center>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD width=10% align=center>
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=12% align=center>
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.62</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.45</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">1.18</FONT>
	</TD>
	<TD width="6%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.14</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.05</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.92</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.38</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3.51</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;16.06</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.25</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=62% align=left>
 &nbsp;<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">23</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">23</FONT>
	</TD>
	<TD width="11%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">17</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="5" align=center>
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">24</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">25</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">24</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">29</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">41</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">44</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">B</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="5">
      <HR noshade size=1>
	</TD>
  </TR>
<TR>
	<TD colspan=5><HR align="left" width="140" size=1 noshade>

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">9</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">TRUST SUMMARIES (unaudited) <br>
APRIL 30, 2005<br>
</FONT></B><B><FONT size=2 face="serif">BlackRock
New York Investment Quality Municipal Trust (RNY)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="3">
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="73%" align=left>
<FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">RNY</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">May 28, 1993</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD width="16%" align=right>
<FONT size=2 face="serif">&#36;14.07</FONT>
	</TD>
	<TD width="11%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.35</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.07):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6.24</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.073125</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.877500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">33</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the
current annualized distribution per share by the closing
market price. </FONT><SUP><FONT size=1 face="serif"><br>
2
</FONT></SUP><FONT size=1 face="serif">The distribution
is not constant and is subject to change.<br>
</FONT><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As
a percentage of managed assets (as defined in Note
2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="7" align=left><HR noshade size=1></TD>
  </TR><TR valign="bottom">
	<TD width=34% align=left>&nbsp;

	</TD>
	<TD width=13% align=center>
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD width=16% align=center>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD width=11% align=center>
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=11% align=center>
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.07</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.50</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">(2.97</FONT>
	</TD>
	<TD width="6%" align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.70</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;13.59</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.35</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.35</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.00</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.56</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfo</FONT></B><B><FONT size=2 face="serif">lio
Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><hr noshade size=1></TD>
</TR><TR valign="bottom">
	<TD width=62% align=left>
 &nbsp;<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">18</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">20</FONT>
	</TD>
	<TD width="11%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">17</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="5" align=center>
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">44</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">31</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">22</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">33</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">20</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">21</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Caa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="5">
      <HR noshade size=1>
	</TD>
  </TR>
<TR>
	<TD colspan=5><HR align="left" width="140" size=1 noshade>

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">10</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">TRUST SUMMARIES (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="3">
<B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="75%" align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">BNY</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">July 27, 2001</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Closing Market Price as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">&#36;14.52</FONT>
	</TD>
	<TD width="10%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net Asset Value as of 4/30/05:</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;15.52</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/05 (&#36;14.52):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6.23</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.075339</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;0.904068</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Leverage as of 4/30/05:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">36</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield
on closing market price is calculated by dividing the
current annualized distribution per share by the closing
market price. </FONT><SUP><FONT size=1 face="serif"><br>
2
</FONT></SUP><FONT size=1 face="serif">The distribution
is not constant and is subject to change.<br>
</FONT><SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As
a percentage of managed assets (as defined in Note
2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="7" align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
	<TD width=37% align=left>&nbsp;

	</TD>
	<TD width=15% align=center>
<B><FONT size=2 face="serif">4/30/05</FONT></B>&nbsp;
	</TD>
	<TD width=12% align=center>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD width=11% align=center>
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=12% align=center>
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.52</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;13.99</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">3.79</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;14.77</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;13.80</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.52</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.28</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1.57</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.61</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=2 face="serif">&#36;15.13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
	<TD width=62% align=left>
 &nbsp;<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Transportation</FONT>&nbsp;
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">17</FONT>
	</TD>
	<TD width="5%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="15%" align=right>
<FONT size=2 face="serif">17</FONT>
	</TD>
	<TD width="11%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Housing</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Lease Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tobacco</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Education</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Hospital</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD colspan="5">
<B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">October 31, 2004</FONT></B>
	</TD>
  </TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">28</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">24</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">AA/Aa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">21</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">26</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">32</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">27</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">BB/Ba</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">CCC/Caa</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<FONT size=2 face="serif">Not Rated</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="5">
      <HR noshade size=1>
	</TD>
  </TR>
<TR>
	<TD colspan=5><HR align="left" width="140" size=1 noshade>

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">11</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD width="8%" align="center">&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width="57%">&nbsp; </TD>
    <TD width="6%"> </TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="1%" align="left"> </TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%" align="center">&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="57%">&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align="left"> </TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%" align="center"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">(000)</FONT></B> </TD>
    <TD width="57%"> <B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD colspan="2" align="center">  <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="57%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;151.6%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Alabama&#151;5.9%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;14,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Univ.
        of Alabama Hosp., Ser. A, 5.875%, 9/01/31,
        MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">09/10</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,581,020</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Alaska&#151;2.3%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,015</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Hsg.
        Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">12/05</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,173,916</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">California&#151;26.6%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">California,
        GO,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.00%,
        3/01/33</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">03/15</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,482,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,770</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.625%,
        5/01/18</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/10</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,403,604</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Foothill/Eastn.
        Transp. Corridor Agcy.,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Refdg.
        Conv. Cap. Apprec., Zero Coupon, 1/15/28</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/14</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,800,340</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,495</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Toll
        Road Rev., 5.75%, 1/15/40</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,565,145</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Golden
        St. Tobacco Sec. Corp., Ser. B,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        6/01/43</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,873,470</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,900</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.625%,
        6/01/38</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,494,573</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,945</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Los
        Altos Sch. Dist., GO, Zero Coupon, 8/01/24,
        MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">08/13</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        53.632</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,904,191</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,460</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Los
        Angeles Cnty., Asset Leasing Corp. Rev. Proj.,
        5.95%, 12/01/07, AMBAC</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT>  </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,697,418</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">San
        Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">795</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.90%,
        9/01/28</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">09/10</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">811,011</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,485</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.95%,
        9/01/35</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">09/10</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,515,740</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">70,547,492</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Colorado&#151;0.9%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,250</FONT></TD>
    <TD width="5%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">E-470
        Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,349,810</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Connecticut&#151;1.2%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa3</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Mashantucket
        Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%,
        9/01/28</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">09/09</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,101,790</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">District
          of Columbia&#151;2.0%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,960</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Tobacco
        Settlement Fin. Corp., 6.50%, 5/15/33</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,260,179</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Florida&#151;16.8%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,265</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Brd.
        of Ed., Cap. Outlay, Ser. J, 5.00%, 6/01/31</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,477,440</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,705</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Brd.
        of Ed. Pub. Ed., Cap. Outlay, Ser. A, 5.00%,
        6/01/31</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,014,211</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,110</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Fishhawk
        Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser.
        A, 6.125%, 5/01/34</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,194,231</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,700</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Hillsborough
        Cnty. Ind. Dev. Auth., Nat. Gypsum Proj., Ser.
        A, 7.125%, 4/01/30</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">10/10</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,140,300</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,995</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">JEA
        Wtr. &amp; Swr. Sys. Rev., Ser. C, 5.00%, 10/01/39,
        FSA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">10/09</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,036,795</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,250</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Live
        Oak Cmnty. Dev. Dist., Spl. Assmt., Ser. A,
        5.85%, 5/01/35</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,291,828</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BB+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,755</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Miami
        Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr.
        Proj., 6.75%, 11/15/21</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">11/14</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,360,074</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,015</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Pine
        Islands Cmnty. Dev. Dist., Spl. Assmt., 5.75%,
        5/01/35</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,027,383</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,515</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Reunion
        West Cmnty. Dev. Dist., Spl. Assmt., 6.25%,
        5/01/36</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,639,316</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Town
        Center Palm Coast Cmnty., 6.00%, 5/01/36</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,083,080</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" height="24" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Vlg.
        Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev.,
        5.625%, 5/01/22</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,236,800</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">44,501,458</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Georgia&#151;6.1%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Atlanta
        Arpt. Passenger Fac., FSA,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C, 5.00%, 1/01/33</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">07/14</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,189,450</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        J, 5.00%, 1/01/34</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/15</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,189,800</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Atlanta
        Wtr. &amp; Wstwtr. Rev., 5.00%, 11/01/34, FSA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">11/14</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,200,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,500</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Milledgeville
        Baldwin Cnty. Dev. Auth., Georgia Coll. &amp; St.
        Univ. Fndtn. Proj., 6.00%, 9/01/33</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">09/14</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,600,395</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,180,045</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Hawaii&#151;1.0%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,500</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Dept.
        of Budget &amp; Fin., Hawaiian Elec. Co., Inc.
        Proj., Ser. D, 6.15%, 1/01/20, AMBAC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/09</FONT> </TD>
    <TD width="6%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,773,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD width="6%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=56% align=left>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="56%" align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> &nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="56%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="7%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Illinois&#151;12.4%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;1,920</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Centerpoint
        Intermodal Ctr. Prog. Trust, Ser. A, 8.00%,
        6/15/23</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,959,379</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,040</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Chicago
        Brd. of Ed., Sch. Reform, 5.75%, 12/01/27,
        AMBAC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">12/07</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,125,810</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Chicago
        Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,597,900</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Edl.
        Fac. Auth., FGIC,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.45%,
        7/01/14</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,015,280</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.70%,
        7/01/13</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,021,450</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,800</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Fin.
        Auth., Northwestern Mem. Hosp. Proj., Ser.
        A, 5.50%, 8/15/43</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">08/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,240,220</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Fin.
        Auth. Student Hsg., MJH Ed. Asst. IV Proj.,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa2</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">875</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.125%, 6/01/35</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">875,280</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa3</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.375%, 6/01/35</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,217</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">O&#146;Hare
        Intl. Arpt.,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.00%, 1/01/29, MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/15</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,041,140</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,610</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.00%, 1/01/30, MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/15</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,674,964</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,540</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C-2, 5.25%, 1/01/30, FSA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,687,193</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">32,938,833</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Kentucky&#151;4.2%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,715</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Econ.
        Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj.,
        Ser. B, Zero Coupon, 10/01/23, MBIA</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,481,023</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,530</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Louisville &amp; Jefferson
        Cnty. Met. Swr. Dist., Ser. A, 5.00%, 5/15/38,
        FGIC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,750,883</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">11,231,906</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Louisiana&#151;1.9%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,640</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">New
        Orleans, GO, 5.875%, 11/01/29, FSA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">11/09</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,153,416</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Maryland&#151;0.7%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,740</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Hlth. &amp; Higher
        Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%,
        8/15/33</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">08/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,832,881</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Massachusetts&#151;0.6%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,460</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Tpke.
        Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%,
        1/01/37, MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/07</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,492,689</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Michigan&#151;1.6%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BB+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Midland
        Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">07/07</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,170,160</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Missouri&#151;1.6%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,500</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Lake
        of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,
        5.25%, 12/01/14&#150;12/01/26</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">12/08</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,181,060</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Multi-State&#151;4.7%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="5%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Charter
        Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,896,980</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="5%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">MuniMae
        TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,603,040</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,500,020</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">Nevada&#151;0.4%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">950</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Director
        of the Dept. of Business &amp; Ind., Las Ventanas
        Retirement Proj., Ser. A, 7.00%, 11/15/34</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">11/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">982,661</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">New
          Jersey&#151;4.2%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Delaware
        River Port Auth. of PA &amp; NJ, Port Dist.
        Proj., GO, Ser. B, 5.70%, 1/01/22, FSA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,211,060</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Econ.
        Dev. Auth., Cigarette Tax Rev., 5.75%, 6/15/29</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,418,740</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,510</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Middlesex
        Cnty. Impvt. Auth., Heldrich Ctr. Hotel Proj.,
        Ser. B, 6.25%, 1/01/37</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/15</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,489,630</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">11,119,430</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">New
          Mexico&#151;0.7%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,945</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Farmington
        PCR, So. California Edison Co. Proj., Ser.
        A, 5.875%, 6/01/23, MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/05</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,950,271</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <B><FONT size=2 face="serif">New
          York&#151;8.7%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,895</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Dorm.
        Auth., Univ. of Rochester Proj., Ser. A, Zero
        Coupon, 7/01/21&#150;7/01/23, MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">07/10</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,156,155</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">New
        York City, GO,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,140</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 6.00%, 8/01/05</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,173,079</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A1</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,805</FONT> </TD>
    <TD width="5%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        E, 6.50%, 2/15/06</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,948,621</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,195</FONT> </TD>
    <TD width="5%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="56%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        E, 6.50%, 2/15/06</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,259,401</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">New
        York City Ind. Dev. Agcy., Term. One Grp. Assoc.
        Proj., 6.00%, 1/01/08&#150;1/01/15</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,081,800</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,115</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left> <FONT size=1 face="serif">Sales
        Tax Asset Receivable Corp., Ser. A, 5.00%,
        10/15/29, AMBAC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">10/14</FONT> </TD>
    <TD width="7%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,305,109</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="56%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">22,924,165</FONT></TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="5%"> </TD>
    <TD width="56%"> </TD>
    <TD width="6%"> </TD>
    <TD width="7%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">13</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B><p></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=57% align=center>&nbsp; </TD>
    <TD width=6% align=center> </TD>
    <TD width=7% align=center>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=center>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="57%" align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B>  </TD>
    <TD align=left> </TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> &nbsp; </TD>
    <TD width="57%" align=center> <B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>  </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="7%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="57%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">North
          Carolina&#151;2.1%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">&#36;&nbsp;&nbsp;5,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Eastn.
        Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%,
        1/01/08, CAPMAC</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,504,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Ohio&#151;3.8%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Cuyahoga
        Cnty., Cleveland Clinic Hlth. Sys. Proj.,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">3,485</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.00%,
        1/01/20</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">07/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,965,895</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aa3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.00%,
        1/01/21</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">07/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,682,500</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">290</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Cuyahoga
        Cnty. Port Auth., Port Dev. Proj., 6.00%, 3/01/07</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">301,986</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>

    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,950,381</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Oklahoma&#151;1.1%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">B-</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">2,900</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Tulsa
        Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,987,725</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Oregon&#151;1.1%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BB+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">2,930</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Klamath
        Falls Elec., Klamath Cogen Proj., 5.50%, 1/01/07</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,978,521</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Pennsylvania&#151;8.3%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Econ.
        Dev. Fin. Auth.,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak
        Proj., Ser. A, 6.25%, 11/01/31</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,077,860</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">3,100</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak
        Proj., Ser. A, 6.375%, 11/01/41</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,217,459</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BB-</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">8,235</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Exempt
        Facs. Rev., Reliant Energy Conv. Proj., Ser.
        A, 6.75%, 12/01/36</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">12/09</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 103</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,890,423</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">2,750</FONT> </TD>
    <TD width="5%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Higher
        Edl. Fac. Auth., Univ. of Pennsylvania Hlth.
        Svcs. Proj., Ser. A, 5.875%, 1/01/06</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,834,425</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Intergovtl.
        Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog.,
        5.50%, 6/15/20, FGIC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">06/06</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,115,280</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">McKeesport
        Area Sch. Dist., FGIC,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">870</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 10/01/31</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">243,069</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">2,435</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 10/01/31</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">659,155</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">22,037,671</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Rhode
          Island&#151;0.8%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Hlth. &amp; Edl.
        Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">05/07</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,115,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">South
          Carolina&#151;2.6%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Jobs
        Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto
        Hlth. Alliance Proj.,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">2,185</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 6.25%, 8/01/31</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">08/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,378,220</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C, 6.875%, 8/01/27</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">08/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,550,360</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,928,580</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Tennessee&#151;2.0%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">4,865</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Memphis
        Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24,
        AMBAC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">03/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,352,716</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>

    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Texas&#151;15.4%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Ba3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">6,320</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Affordable
        Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">11/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
<TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,313,793</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">4,300</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Brazos
        River Auth., PCR, TXU Elec. Co. Proj., Ser.
        C, 6.75%, 10/01/38</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">10/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,698,524</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">6,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Grapevine,
        GO, 5.875%, 8/15/24, FGIC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">08/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,721,140</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Harris
        Cnty. Houston Sports Auth., Ser. A, Zero Coupon,
        11/15/38, MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">11/30</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 61.166</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">816,500</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">8,375</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Humble
        Indpt. Sch. Dist., Sch. Bldg., Ser. B, 5.00%,
        2/15/30, FGIC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">02/15</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,722,981</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">9,495</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">La
        Joya Indpt. Sch. Dist., 5.00%, 2/15/34</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">02/14</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,863,501</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">15,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Tpke.
        Auth., Central Sys. Rev., Zero Coupon, 8/15/31,
        AMBAC</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">08/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 32.807</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,406,800</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Wtr.
        Fin. Asst., GO, 5.75%, 8/01/22</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">08/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,111,390</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">40,654,629</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Utah&#151;1.2%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Intermountain
        Pwr. Agcy., Pwr. Sply. Rev.,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">1,950</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.00%,
        7/01/13, AMBAC</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,958,600</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">1,145</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.00%, 7/01/16</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,148,698</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,107,298</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Washington&#151;7.3%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">13,395</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Pub.
        Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11,
        MBIA</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">07/06</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,082,164</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Washington,
        GO,</FONT></TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aa1</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.375%, 7/01/21</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">07/06</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,064,600</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aa1</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 6.00%, 1/01/25</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,113,820</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">19,260,584</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=2 face="serif">Wisconsin&#151;1.4%</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">3,220</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <FONT size=1 face="serif">Hlth. &amp; Edl.
        Facs. Auth., Aurora Hlth. Care Proj., 6.40%,
        4/15/33</FONT></TD>
    <TD width="6%" align=right> <FONT size=1 face="serif">04/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,568,179</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="57%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;375,683,834)</FONT></B>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">401,392,286</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="5%"> </TD>
    <TD width="57%"> </TD>
    <TD width="6%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">14</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> &nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%"><HR noshade size=1></TD>
    <TD width="5%"><HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">SHORT-TERM
          INVESTMENTS&#151;4.9%</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Florida&#151;1.5%</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;3,885</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Jacksonville
        Hlth. Facs. Hosp., Variable Baptist Med. Ctr.
        Proj., 3.00%, 5/02/05, FRDD</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,885,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Maryland&#151;0.4%</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">975 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth. &amp; Higher
        Edl. Facs. Auth., Pooled Ln. Prog. Proj., Ser.
        D, 2.98%, 5/05/05, FRWD</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">975,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          Jersey&#151;0.1%</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">300 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sports &amp; Expo.
        Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">300,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          York&#151;1.0%</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,600 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Transl. Fin. Auth., Ser. A-1, 3.04%,
        5/04/05, FRWD</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,600,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Ohio&#151;1.8%</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">VMIG1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,800 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Univ.
        of Akron, 2.99%, 5/03/05, FGIC, FRWD</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,800,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;0.1%</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">400 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Gov&#146;t.
        Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">400,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Short-Term Investments (cost &#36;12,960,000)</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,960,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;156.5% (cost &#36;388,643,834)</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">414,352,286</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Liabilities
        in excess of other assets&#151;(1.1)%</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">(2,913,293</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(55.4)%</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">(146,616,510</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">264,822,483</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"></TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=2>
    </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD valign=top nowrap><HR align="left" width="140" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="1052">
<FONT size=1 face="serif"><SUP><FONT size=1 face="serif">1</FONT></SUP> Using
the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>       </TD>
</TR>
<TR>
        <TD>
<FONT size=1 face="serif"><SUP>2</SUP> Date
(month/year) and price of the earliest optional call or redemption. There may
be other call provisions at varying prices at later dates.</FONT>  </TD>
</TR>
<TR>
        <TD>
<FONT size=1 face="serif"><SUP><FONT size=1 face="serif">3</FONT></SUP> This
bond is prefunded. U.S. government securities, held in escrow, are used to pay
interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par.</FONT>        </TD>
</TR>
<TR>
        <TD>
<FONT size=1 face="serif"><SUP><FONT size=1 face="serif">4</FONT></SUP> Security
exempt from registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, to qualified
institutional investors. <br>
&nbsp; &nbsp;As of April 30, 2005, the Trust  held 4.7% of its net
assets, with a current market value of &#36;12,500,020, in securities restricted
as to resale.</FONT>      </TD>
</TR>
<TR>
        <TD>
<FONT size=1 face="serif"><SUP><FONT size=1 face="serif">5</FONT></SUP> Entire
or partial principal amount pledged as collateral for financial futures contracts.</FONT>      </TD>
</TR>
<TR>
        <TD>
<FONT size=1 face="serif"><SUP><FONT size=1 face="serif">6</FONT></SUP> For purposes
of amortized cost valuation, the maturity date of this instrument is considered
to be the earlier of the next date on which the security can be redeemed at par,
or the next date on <br>
&nbsp; &nbsp;which the rate of interest is  adjusted.</FONT>        </TD>
</TR>
<TR><TD>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center colspan=6><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=6>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=6% align=left>
<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
        </TD>
        <TD width=4% align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD width=44% align=left>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
        </TD>
        <TD width=5% align=left>
<FONT size=2 face="serif">FRWD</FONT>&nbsp;
        </TD>
        <TD width=5% align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD width=36% align=left>
<FONT size=2 face="serif">Floating Rate Weekly Demand</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">CAPMAC</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Capital Markets Assurance Company</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">ETM</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Escrowed to Maturity</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">GO</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">FRDD</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Floating Rate Daily Demand</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">PCR</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="monospace">&#151;</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pollution Control Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><HR noshade size=1></TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">15</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD width="8%">&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width="60%">&nbsp; </TD>
    <TD width=5%> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=1% align="left"> </TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=1%>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%">&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%">&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align="left"> </TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">(000)</FONT></B> </TD>
    <TD width="60%"> <B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD colspan="2" align="center"> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;149.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Alabama&#151;3.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa2</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;7,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Courtland
        Ind. Dev. Brd. PCR, Champion Intl. Corp. Proj.,
        6.15%, 6/01/19</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,155,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A2</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Huntsville
        Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,121,100</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">23,276,500</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Arizona&#151;1.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Scottsdale
        Ind. Dev. Auth., Scottsdale Hlth. Care Proj.,
        5.80%, 12/01/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,560,770</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">California&#151;22.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Foothill/Eastn.
        Transp. Corridor Agcy., Toll Road Rev.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">54,635</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 1/15/32</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        27.37</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">11,241,151</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">20,535</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 1/15/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        24.228</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,738,397</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">75,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 1/15/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        19.014</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,674,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Golden
        St. Tobacco Sec. Corp.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-1, 6.625%, 6/01/40</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,526,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">30,600</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.50%, 6/01/43</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">32,656,014</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.625%, 6/01/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">17,921,805</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Lincoln
        Spl. Tax, Cmnty.</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Los
        Angeles Regl. Arpt. Impvt. Corp. Lease Rev.,
        Facs. Dist., 6.00%, 9/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,575,285</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">B-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,805</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Amer.
        Airlines, Inc. Proj., Ser. C, 7.50%,</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,476,851</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,320</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Facs.
        Laxfuel Corp., L.A. Intl. Proj., 5.50%, 1/01/32,
        AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,039,013</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Murrieta
        Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks
        Impvt. Area A Proj., 6.00%, 9/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,157,950</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sacramento
        Cnty. San. Dist. Fin. Auth., Sacramento Regl.
        Cnty. San., Ser. A, 5.00%,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">12/01/35,
        AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,582,860</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">San
        Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,870</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.90%,
        9/01/28</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,907,662</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,510</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.95%,
        9/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,582,657</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Statewide
        Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A,
        5.50%, 10/01/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,285,100</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Statewide
        Cmntys., Daughters of Charity Hlth., Ser. A,
        5.00%, 7/01/39</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,080,760</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">143,445,505</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Colorado&#151;0.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Denver
        Hlth. &amp; Hosp. Auth., Hlth. Care Rev., Ser.
        A, 6.00%, 12/01/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,654,070</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">District
          of Columbia&#151;6.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dist.
        of Columbia,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,390</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Friendship
        Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33,
        ACA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,450,586</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,600</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Georgetown
        Univ. Proj., Ser. A, Zero Coupon, 4/01/36,
        MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        22.875</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,627,352</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">51,185</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Georgetown
        Univ. Proj., Ser. A, Zero Coupon, 4/01/37,
        MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        21.546</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,115,382</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">25,535</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tobacco
        Settlement Fin. Corp., 6.75%, 5/15/40</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">26,736,677</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">39,929,997</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Florida&#151;14.3%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Amelia
        Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A,
        6.30%, 5/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,118,890</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Bellalago
        Edu. Fac. Benefits Dist., Ser. B, 5.80%, 5/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,066,520</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Bridgewater
        Cmnty. Dev. Dist., Florida Spl. Assmt., Ser.
        A, 6.00%, 5/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,099,720</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">CFM
        Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%,
        5/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,105,980</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa2</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,600</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Escambia
        Cnty., PCR, Champion Intl. Corp. Proj., 6.40%,
        9/01/30</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/06</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,767,348</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Heritage
        Isle at Viera Cmnty. Dev. Dist., Spl. Assmt.,
        Ser. A, 6.00%, 5/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,056,360</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,670</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Highlands
        Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt
        Proj., Ser. A, 6.00%, 11/15/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,543,588</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Martin
        Cnty. Indl. Dev. Auth., Indiantown Cogeneration
        Proj., Ser. A, 7.875%, 12/15/25</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,247,320</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BB+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">11,685</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Miami
        Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr.
        Proj., 6.75%, 11/15/21</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,171,916</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,705</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Parkway
        Ctr. Cmnty. Dev. Dist., Ser. A, 6.30%, 5/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,796,551</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,440</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pine
        Islands Cmnty. Dev. Dist., Spl. Assmt., 5.75%,
        5/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,469,768</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,880</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Reunion
        East Cmnty. Dev. Dist., 5.80%, 5/01/36</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,942,352</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,945</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Reunion
        West Cmnty. Dev. Dist., Spl. Assmt., 6.25%,
        5/01/36</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,238,861</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,970</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Stevens
        Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev.,
        Ser. A, 7.10%, 5/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,106,647</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Vlg.
        Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev.,
        5.625%, 5/01/22</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,236,800</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,950</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Vlgs.
        of Westport Cmnty. Dev., Ser. A, 5.70%, 5/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,976,933</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">World
        Commerce Cmnty. Dev. Dist.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-1, 6.50%, 5/01/36</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,178,440</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-2, 6.125%, 5/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,826,090</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">92,950,084</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=9>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=9> <FONT size=2 face="serif">See
        Notes to Financial Statements.</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">16</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60% align=center>&nbsp; </TD>
    <TD width=5% align=center> </TD>
    <TD width=5% align=center>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=center>&nbsp; </TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> &nbsp; </TD>
    <TD width="60%" align=center> <B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Georgia&#151;2.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;9,700</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Atlanta
        Arpt. Passenger Fac., Ser. C, 5.00%, 1/01/33,
        FSA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,067,533</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Richmond
        Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper
        Co. Proj., Ser. A, 6.00%, 2/01/25</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,243,280</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,310,813</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Idaho&#151;2.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,970</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Univ.
        of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%,
        4/01/41, FGIC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">17,961,387</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Illinois&#151;16.4%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">21,205</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Bolingbrook,
        Ser. B, Zero Coupon, 1/01/33&#150;1/01/34,
        FGIC</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,052,650</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,630</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Centerpoint
        Intermodal Ctr. Prog. Trust, Ser. A, 8.00%,
        6/15/23</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,724,961</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dev.
        Fin. Auth.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,145 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Hosp.
        Rev., Adventist Hlth. Sys. Sunbelt Oblig. Proj.,
        5.65%, 11/15/24</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,521,685</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A2</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">25,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">PCR,
        Ser. C, 5.95%, 8/15/26</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/06</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">25,762,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Edl.
        Facs. Auth., Student Hsg. Rev., Edl. Advancement
        Fund Univ. Ctr. Proj.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.25%,
        5/01/30</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,751,700</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.25%,
        5/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/07</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,252,420</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Edl.
        Facs. Auth. Revs., Ser. A,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aa1</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">760</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Bal
        Union Chicago Proj., 5.25%, 7/01/41</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">802,598</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aa1</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">315</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Univ.
        Chicago Proj., 5.25%, 7/01/41</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">353,225</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,700</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Fin.
        Auth., Northwestern Mem. Hosp. Proj., Ser.
        A, 5.50%, 8/15/43</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,980,830</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Fin.
        Auth. Student Hsg., MJH Ed. Asst. IV Proj.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa2</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,100</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.125%, 6/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,100,672</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa3</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,675</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.375%, 6/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,675,519</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth.
        Facs. Auth., Elmhurst Mem. Hlth. Care Proj.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        1/01/22</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,297,300</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.625%,
        1/01/28</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,333,360</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">40,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Met.
        Pier &amp; Exposition Auth., Dedicated St.
        Tax Rev., McCormick Place Expansion Proj.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, Zero Coupon, 12/15/34, MBIA</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,186,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">O'Hare
        Intl. Arpt.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.00%, 1/01/29&#150;1/01/30, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,284,820</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,645</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C-2, 5.25%, 1/01/30, FSA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,962,879</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">106,043,019</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Indiana&#151;7.3%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth.
        Fac. Fin. Auth., Methodist Hosp., Inc. Proj.,
        5.50%, 9/15/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,296,550</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Indianapolis
        Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,912,275</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Petersburg,
        PCR, Pwr. &amp; Lt. Conv.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.90%,
        12/01/24</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,587,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.95%,
        12/01/29</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,867,360</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,545</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Vincennes
        Econ. Dev., Southwest Indiana Regl. Youth Proj.,
        6.25%, 1/01/24</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,524,513</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">47,188,098</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Kentucky&#151;1.4%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,060</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hsg.
        Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,376,466</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Louisiana&#151;4.5%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Local
        Gov't. Env. Facs. &amp; Cmnty. Dev. Auth.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">21,425</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Cap.
        Projs. &amp; Equip. Acquisition, 6.55%, 9/01/25,
        ACA</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">24,701,740</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,605</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Oakleigh
        Apts. Proj., Ser. A, 6.375%, 6/01/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,666,154</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">29,367,894</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Maryland&#151;0.7%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,205</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth. &amp; Higher
        Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%,
        8/15/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,429,463</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Massachusetts&#151;1.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tpke.
        Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%,
        1/01/37, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/07</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,901,133</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Michigan&#151;2.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">17,210</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Kent
        Hosp. Fin. Auth., Spectrum Hlth. Proj., Ser.
        A, 5.50%, 1/15/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">18,224,357</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Mississippi&#151;3.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">18,680</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Gulfport
        Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser.
        A, 5.75%, 7/01/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">19,716,927</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">17</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60% align=left>&nbsp; </TD>
    <TD width=5% align=left> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> &nbsp; </TD>
    <TD width="60%" align=center> &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Multi-State&#151;7.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Charter
        Mac Equity Issuer Trust,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 6.625%, 6/30/49</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,074,550</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">11,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-2, 6.30%, 6/30/49</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">11,686,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">16,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-3, 6.80%, 10/01/52</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">18,000,800</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">Baa1</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">6,500</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B-1, 6.80%, 11/30/50</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,082,335</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">8,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">MuniMae
        TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,671,200</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">46,515,285</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Nevada&#151;0.4%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">2,250</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Director
        of the Dept. of Business &amp; Ind., Las Ventanas
        Retirement Proj., Ser. A, 7.00%, 11/15/34 .</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,327,355</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          Hampshire&#151;0.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">3,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth. &amp; Edl.
        Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,719,170</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          Jersey&#151;9.3%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Econ.
        Dev. Auth.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">18,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Cigarette
        Tax Rev., 5.75%, 6/15/29</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">19,606,670</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">B</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">31,410</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Continental
        Airlines, Inc. Proj., 7.00%, 11/15/30</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">27,841,196</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">Baa3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">8,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Kapkowski
        Rd. Landfill Proj., 6.50%, 4/01/28</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,362,480</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">3,680</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Middlesex
        Cnty. Imprvt. Auth., Heldrich Ctr. Hotel Proj.,
        Ser. B, 6.25%, 1/01/37</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,630,357</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">60,440,703</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          York&#151;3.7%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">5,375</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Env.
        Facs. Corp., Clean Wtr. &amp; Drinking Wtr.
        Rev., NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,603,276</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">7,115</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Met.
        Transp. Auth., Svc. Contract, Ser. A, 5.00%,
        7/01/30, AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,427,562</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">10,360</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sales
        Tax Asset Receivable Corp., Ser. A, 5.00%,
        10/15/29&#150;10/15/32, AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,986,895</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">24,017,733</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Ohio&#151;3.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">Baa2</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">14,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Air
        Quality Dev. Auth., PCR, Cleveland Elec. Illuminating
        Co. Proj., Ser. B, 6.00%, 8/01/20</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/07</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,308,810</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">3,760</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pinnacle
        Cmnty. Infrastructure, Fin. Auth., Ser. A,
        6.25%, 12/01/36</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,900,850</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">19,209,660</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Oklahoma&#151;1.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">B-</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">7,175</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tulsa
        Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,392,044</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Pennsylvania&#151;7.7%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Econ.
        Dev. Fin. Auth., Ser. A,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">6,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Amtrak
        Proj., 6.375%, 11/01/41</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,746,285</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">BB-</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">19,750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Exempt
        Facs. Rev., Reliant Energy Conv. Proj., 6.75%,
        12/01/36</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        103</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">21,321,902</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Higher
        Edl. Facs. Auth.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">BBB+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">La
        Salle Univ. Proj., 5.50%, 5/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,208,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">17,250</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Univ.
        of Pennsylvania Hlth. Svcs. Proj., Ser. A,
        5.75%, 1/01/06</FONT></TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">17,765,603</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">50,042,190</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">South
          Carolina&#151;4.9%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Jobs
        Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto
        Hlth. Alliance Proj.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">BBB+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">5,075</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 6.25%, 8/01/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,523,782</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">BBB+</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">9,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C, 6.875%, 8/01/27</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,238,310</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Lexington
        Cnty. Hlth. Svcs. Dist., Hosp. Rev.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        11/01/32</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,309,750</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.75%,
        11/01/28</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,874,100</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">31,945,942</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Tennessee&#151;1.5%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">20,825</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Knox
        Cnty. Hlth. Edl. &amp; Hsg. Facs. Brd., Hosp.
        Facs. Rev., Ser. A, Zero Coupon,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">1/01/20,
        FSA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        67.474</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,669,881</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Texas&#151;11.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Affordable
        Hsg. Corp., Multi-Fam. Hsg. Rev.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">Ba3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">6,010</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.80%,
        11/01/26</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,053,148</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">Ba3</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">18,605</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Arborstone/Baybrook
        Oaks Proj., Ser. A, 5.85%, 11/01/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,652,014</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">BB-</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">6,445</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">So.
        Texas Pptys. Corp. Proj., Ser. B, 8.00%, 3/01/32</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,105,284</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">C</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">4,435</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Amer.
        Oppty. Hsg. Portfolio Proj., Ser. B, 8.00%,
        3/01/32</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,330,500</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">945</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Brazos
        River Auth., PCR, TXU Elec. Co. Proj., Ser.
        C, 6.75%, 10/01/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,032,583</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD align=right> <FONT size=1 face="serif">3,805</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dallas
        Area Rapid Trans., 5.00%, 12/01/31, AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,927,407</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">18</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE><p>
</p>

<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B></P>

<p></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> </TD>
    <TD width="60%" align=center> <B><FONT size=2 face="serif">Description</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Texas&#151;(cont&#146;d)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Harris
        Cnty. Houston Sports Auth., MBIA,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;12,580</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, Zero Coupon, 11/15/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/30</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        61.166</FONT>&nbsp;</TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,054,314</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">26,120</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-3, Zero Coupon, 11/15/37</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/24</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        46.545</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,427,079</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        H, Zero Coupon, 11/15/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/31</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        78.178</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">991,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tpke.
        Auth., Central Sys. Rev., AMBAC,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">35,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/15/32</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        30.846</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,468,650</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">62,325</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/15/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        28.997</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,493,046</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">65,040</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/15/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        27.31</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,279,552</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">72,814,577</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Virginia&#151;0.3%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,105</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Transp.
        Brd. Trust, Zero Coupon, 4/01/32, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        34.99</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,995,937</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Washington&#151;0.4%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,190 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Energy
        Northwest Wind Proj., Ser. B, 6.00%, 1/01/07</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,365,813</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">West
          Virginia&#151;1.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Braxton
        Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj.,
        6.50%, 4/01/25</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,160,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,070</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Econ.
        Dev. Auth., Correctional Juvenile Safety Proj.,
        Ser. A, 5.00%, 6/01/29, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,171,513</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,331,513</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Wisconsin&#151;6.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth. &amp; Edl.
        Facs. Auth.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Aurora
        Hlth. Care Proj., 6.40%, 4/15/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,310,975</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Froedert &amp; Cmnty.
        Hlth. Oblig. Proj., 5.375%, 10/01/30</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,272,086</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Wheaton
        Franciscan Svcs. Proj., 5.75%, 8/15/30</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,004,700</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">38,587,761</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;914,128,449)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">965,712,047</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">SHORT-TERM
          INVESTMENTS&#151;6.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Maryland&#151;0.3%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,995</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth. &amp; Higher
        Edl. Facs. Auth., Pooled Ln. Prog., Ser. D,
        2.98%, 5/05/05, FRWD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,995,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Massachusetts&#151;1.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,900</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dev.
        Fin. Agcy., Boston Univ. Proj., Ser. R-2, 2.94%,
        5/02/05, XLCA, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,900,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          Jersey&#151;1.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,640</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sports &amp; Expo.
        Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,640,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          York&#151;0.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,300</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City, GO, Ser. H-7, 3.02%, 5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,300,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">North
          Carolina&#151;0.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">North
        Carolina, Ser. B, 2.89%, 5/04/05, FRWD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%" align="center"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Ohio&#151;0.5%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">VMIG1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,300</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hamilton
        Cnty. Hosp. Facs., 2.99%, 5/05/05, FRWD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,300,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%" align="center"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Pennsylvania&#151;0.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Higher
        Ed. Asst. Agcy., Ser. C, 3.00%, 5/04/05, AMBAC,
        FRWD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%" align="center"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;0.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">400</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Gov't.
        Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">400,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Tennessee&#151;1.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">VMIG1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,600</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Montgomery
        Cnty. Pub. Bldg. Auth., Pooled Fin. Rev., Cnty.
        Ln. Pool,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">3.05%,
        5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,600,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="center"><FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</P>
<P align="center">
<FONT size=2 face="serif">19</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Shares</FONT></B> </TD>
    <TD width=70% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> &nbsp; </TD>
    <TD width="70%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" colspan="2">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="70%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=2 face="serif">Money
          Market Fund&#151;0.4%</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,850</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">AIM
        Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,850,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Short-Term Investments (cost &#36;42,485,000)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">42,485,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;155.8% (cost &#36;956,613,449)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,008,197,047</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Other
        assets in excess of liabilities&#151;2.2%</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,387,447</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(58.0)%</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">(375,230,635</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">647,353,859</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=2>
    </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Using the higher
        of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s
        rating.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Security exempt
        from registration under Rule 144A of the Securities
        Act of 1933. These securities may be resold
        in transactions exempt from registration to
        qualified institutional investors. As of April
        30, 2005, the Trust held 7.2% of its net assets,
        with a current market value of &#36;46,515,285,
        in securities restricted as to resale.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">For purposes of
        amortized cost valuation, the maturity date
        of this instrument is considered to be the
        earlier of the next date on which the security
        can be redeemed at par, or the next date on
        which the rate of interest is adjusted.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=6><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=left> <FONT size=2 face="serif">ACA</FONT>&nbsp; </TD>
    <TD width=2% align=center> <FONT size=2 face="monospace">&#151;</FONT></TD>
    <TD width=39% align=left> <FONT size=2 face="serif">American
        Capital Access</FONT>&nbsp; </TD>
    <TD width=6% align=left> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD width=2% align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">AMBAC </FONT>&nbsp; </TD>
    <TD align=center><FONT size=2 face="monospace">&#151;</FONT></TD>
    <TD align=left> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FGIC</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">Financial
        Guaranty Insurance Company</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FRDD</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">Floating
        Rate Daily Demand</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">PCR</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Pollution
        Control Revenue</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FRWD</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">Floating
        Rate Weekly Demand</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">20</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT></B>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center> </TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60% align=center>&nbsp; </TD>
    <TD width=5% align=center> </TD>
    <TD width=5% align=center>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=center>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> </TD>
    <TD width="60%" align=center> &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;100.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">California&#151;89.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp; &nbsp; &nbsp; 40</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">California,
        GO, 5.75%, 3/01/19</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/05</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">40,818</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Edl.
        Facs. Auth., MBIA,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">760</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Santa
        Clara Univ. Proj., 5.00%, 9/01/06</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">798,988</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">240</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Student
        Loan Prog., Ser. A, 6.00%, 3/01/16</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">03/07</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">252,425</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Golden
        St. Tobacco Sec. Corp., Ser. B,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        6/01/43</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">640,314</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">400</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.625%,
        6/01/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">434,468</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Los
        Angeles Cnty.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Cmnty.
        Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/07</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,091,210</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Met.
        Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06,
        MBIA</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,049,040</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,150</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Los
        Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/06</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,201,462</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">B-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">945</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Los
        Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,
        Amer. Airlines, Inc. Proj.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 7.50%, 12/01/24</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">988,565</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Poway
        Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs.
        Dist. No. 6 Proj., 5.60%, 9/01/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,009,450</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Wks. Brd., Lease Rev., St. Univ. Proj., Ser.
        A, 6.10%, 10/01/06</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">03/05</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,022,970</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sacramento
        Pwr. Auth., Cogeneration Proj. Rev., 6.50%,
        7/01/06</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,063,230</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">San
        Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs.,
        5.90%, 9/01/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,009,900</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">San
        Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">508,640</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">150</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">San
        Francisco City &amp; Cnty. Arpt. Comm., Intl.
        Arpt. Rev., Ser. 12-A, 5.90%, 5/01/26, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/06</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">156,807</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">40</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">So.
        California Pub. Pwr. Auth. Rev., Transm. Proj.,
        5.50%, 7/01/20, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">40,177</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Temecula
        Valley Unified Sch. Dist., GO, Ser. G, 5.75%,
        8/01/25, FGIC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/07</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">539,380</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">900</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tobacco
        Sec. Auth. So. California, Tobacco Settlement
        Rev., Ser. A, 5.625%, 6/01/43</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">865,413</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">370</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">West
        Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%,
        8/01/22, AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/07</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">394,102</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,107,359</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;11.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Fin. Corp., Ser. E,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">745</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        2/01/12</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">841,381</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">255</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        8/01/29</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">277,233</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Impvt., Ser. A, 5.00%, 7/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/14</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">518,945</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,637,559</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;13,784,098)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,744,918</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">SHORT-TERM
          INVESTMENTS&#151;46.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">California&#151;44.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">535</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Daily
        Kindergarten Univ. Proj., Ser. A-4, 2.93%,
        5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">535,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dept.
        of Wtr. Res., Pwr. Sply. Rev., Ser. B-2, 3.12%,
        5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Econ.
        Recovery, Ser. C-5, 2.95%, 5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Facs.
        Financing Auth., Ser. B, 3.02%, 5/02/05, AMBAC,
        FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">VMIG1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Irvine
        Impvt. Bond Act 1915, Spl. Assmt. Dist. 00-18,
        Ser. A, 3.01%, 5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">VMIG1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Irvine
        Unified Sch. Dist. Spl. Tax, Cmnty. Facs. Dist.
        Number 01, 3.01%, 5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Met.
        Wtr. Dist., So. California Wtr. Wks., Ser.
        C-2, 3.02%, 5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Newport
        Beach Rev., Hoag Mem. Presbyterian Hosp., 2.95%,
        5/02/05, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Orange
        Cnty. San. Dist., COP, Ser. B, 3.01%, 5/02/05,
        FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Statewide
        Cmnty. Dev. Auth. Rev., John Muir/Mt. Diablo
        Hlth., 2.93%, 5/02/05, AMBAC, FRDD</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,435,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">21</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Shares</FONT></B> </TD>
    <TD width=70% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp; </TD>
    <TD width="70%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <hr noshade size=1>
</TD>
    <TD width="70%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=2 face="serif">Money
          Market Fund&#151;2.0%</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">300</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">AIM
        Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">300,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Short-Term Investments (cost &#36;6,735,000)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,735,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;146.8% (cost &#36;20,519,098)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">21,479,918</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Other
        assets in excess of liabilities&#151;4.5%</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">651,467</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(51.3)%</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">(7,501,111</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,630,274</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=2>
    </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Using the higher
        of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s
        rating.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">For purposes of
        amortized cost valuation, the maturity date
        of this instrument is considered to be the
        earlier of the next date on which the security
        can be redeemed at par, or the next date on
        which the rate of interest is adjusted.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=6><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">AMBAC </FONT></TD>
    <TD align=center><FONT size=2 face="serif">&#151;</FONT></TD>
    <TD width=42% align=left> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD width=6% align=left> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD width=3% align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD width=35% align=left> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% align=left> <FONT size=2 face="serif">COP</FONT>&nbsp; </TD>
    <TD width=3% align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Certificate
        of Participation</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FGIC</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Financial
        Guaranty Insurance Company</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FRDD</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Floating
        Rate Daily Demand</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">22</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=left>&nbsp; </TD>

    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60% align=left>&nbsp; </TD>
    <TD width=5% align=left> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;154.9%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">California&#151;132.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;&nbsp;30,670</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Anaheim
        Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C,
        Zero Coupon, 9/01/31&#150;9/01/32, FSA</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,994,963</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">California,
        GO,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        11/01/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,853,500</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        BZ, 5.35%, 12/01/21, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/07</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,591,575</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        BZ, 5.375%, 12/01/24, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/07</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,061,150</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Cnty.
        Tobacco Sec. Agcy., Stanislaus Fdg. Proj.,
        Ser. A, 5.875%, 6/01/43</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,982,150</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dept.
        of Wtr. Res., Pwr. Sply. Rev., Ser. A,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.375%,
        5/01/21</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,332,320</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.375%,
        5/01/22</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,479,520</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Edl.
        Facs. Auth., Stanford Univ. Proj., Ser. Q,
        5.25%, 12/01/32</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,662,900</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">El
        Monte Sr. Dept. of Pub. Svcs., Fac. Phase II,
        COP, 5.25%, 1/01/34, AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,341,880</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Elk
        Grove Unified Sch. Dist., Cmnty. Facs. Dist.
        1, Spec. Tax, AMBAC,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,485</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 12/01/29</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        37.373</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,976,714</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,485</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 12/01/30</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        35.365</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,869,079</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,485</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 12/01/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        33.465</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,767,358</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Foothill/Eastn.
        Transp. Corridor Agcy., Toll Road Rev.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 1/15/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        25.78</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">968,750</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 1/15/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        24.228</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">910,250</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,445</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 1/15/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        22.819</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,303,128</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 1/15/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        19.014</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">142,320</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,030</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.75%,
        1/15/40</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,231,302</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.875%,
        1/15/26</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,144,100</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Golden
        St. Tobacco Sec. Corp.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-1, 6.625%, 6/01/40</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,105,200</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-1, 6.75%, 6/01/39</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,063,900</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,200</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.50%, 6/01/43</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,885,338</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,800</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.625%, 6/01/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,299,786</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth.
        Facs. Fin. Auth., Ser. A,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Insured
        Hlth. Facs., Valleycare Proj., 5.375%, 5/01/27</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,187,380</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,890</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Kaiser
        Proj., 5.40%, 5/01/28</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,035,282</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Infrastructure &amp; Econ.
        Dev.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">20,035</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Bay
        Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">20,976,244</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,250</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">J.
        David Gladstone Inst. Proj., 5.25%, 10/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,807,540</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Kaiser
        Hosp. Asst. LLC Proj., Ser. A, 5.55%, 8/01/31</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,341,860</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,965</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Irvine
        Mobile Home Park, Meadows Mobile Home Park
        Proj., Ser. A, 5.70%, 3/01/28</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">03/08</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,976,966</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,700</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Kaweah
        Delta Hlth. Care Dist., 6.00%, 8/01/34</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,373,134</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Lathrop
        Fin. Auth., Wtr. Sply. Proj.,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,855</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.90%,
        6/01/27</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,898,967</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,140</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.00%,
        6/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,266,650</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Live
        Oak Unified Sch. Dist., Cap. Apprec. Election
        2004, XLCA,</FONT></TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,030</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/36</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        37.743</FONT></TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">189,664</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,080</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/37</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        35.649</FONT></TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">185,457</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,125</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/38</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        33.665</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">182,914</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,175</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/39</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        31.785</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">180,879</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,230</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/40</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        30.004</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">178,990</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,285</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/41</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        28.317</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">176,482</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,340</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/42</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        26.72</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">173,651</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,400</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/43</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        25.208</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">170,002</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,465</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 8/01/44</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        23.777</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">167,860</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">985</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, Zero Coupon, 8/01/35</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/18</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        39.952</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">191,474</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">B-</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,110</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Los
        Angeles Regl. Arpt. Impvt. Corp. Lease Rev.,
        Amer. Airlines, Inc. Proj., Ser. C, 7.50%,</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,296,512</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Palm
        Springs Mobile Home Park., Sahara Mobile Home
        Park Proj., 5.625%, 5/15/26</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp;</TD>
<TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,052,380</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Poll.
        Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic
        Svcs., Inc. Proj., Ser. C, 5.25%, 12/01/04</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,321,520</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,290</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Poll.
        Ctrl. Sld. Wst., Wst. Mgmt., Inc. Proj., Ser.
        A-2, 5.40%, 4/01/25</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,340,815</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Rancho
        Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%,
        9/01/33</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,243,640</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Rancho
        Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho
        Redev. Proj., 5.125%, 9/01/30, MBIA</FONT></TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp;</TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,174,405</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT></TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,905</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Richmond
        Wst. &amp; Wtr., Zero Coupon, 8/01/31, FGIC</FONT></TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">505,511</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">23</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center>&nbsp; </TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60% align=left>&nbsp; </TD>
    <TD width=5% align=left> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> <B></B>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">California&#151;(cont&#146;d)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;15,400</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sacramento
        Cnty. San. Dist. Fin. Auth., Sacramento Regl.
        Cnty. San. Proj., Ser. A, 5.00%,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">12/01/35,
        AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/14</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">16,250,696</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">6,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">San
        Francisco City &amp; Cnty. Arpt. Comm., Intl.
        Arpt. Rev., Ser. 27-A, 5.25%, 5/01/31, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">6,809,140</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">San
        Francisco City &amp; Cnty. Redev. Agcy., Cmnty.
        Facs. Dist., Mission Bay South Proj.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">1,775</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.125%,
        8/01/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/09</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">1,833,699</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">7,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.25%,
        8/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 101</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">7,777,125</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">San
        Jose Multi-Fam. Hsg.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,880</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Lenzen
        Hsg. Proj., Ser. B, 5.45%, 2/20/43</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">2,980,714</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">3,595</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Vlgs.
        Pkwy. Sr. Apts. Proj., Ser. D, 5.50%, 4/01/34</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">3,706,193</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Santa
        Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser.
        A,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">6,250</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Blossom
        River Apts. Proj., 6.50%, 9/01/39</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">03/08</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">6,181,500</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A3</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">1,715</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">John
        Burns Gardens Apts. Proj., 5.85%, 8/01/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 101</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">1,760,962</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A3</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">1,235</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">River
        Town Apts. Proj., 6.00%, 8/01/41</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 101</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">1,266,270</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">3,075</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Santa
        Clarita Facs. Dist., Valencia Town Ctr. Proj.,
        5.85%, 11/15/32</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">3,151,998</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Statewide
        Cmnty. Dev. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">10,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Daughters
        of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/30&#150;7/01/35</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/15</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">10,889,960</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Sutter
        Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">10,538,800</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Upland
        Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25,
        FSA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">2,147,800</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,245</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Val
        Verde Unified Sch. Dist. Fin. Auth., Spec.
        Tax Rev., 6.25%, 10/01/28</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/13</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">2,358,777</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Vernon
        Elec. Sys., Malburg Generating Station Proj.,
        5.50%, 4/01/08</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">2,155,580</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">302,372,576</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Multi-State&#151;9.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Charter
        Mac Equity Issuer Trust,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A3</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-2, 6.30%, 6/30/49</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">7,436,800</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B-1, 6.80%, 11/30/50</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">4,358,360</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">MuniMae
        TE Bond Subsidiary, LLC,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A3</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-1, 6.30%, 6/30/49</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">7,390,810</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B-1, 6.80%, 6/30/50</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">3,265,530</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">22,451,500</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;13.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Elec.
        Pwr. Auth., Ser. 2, 5.25%, 7/01/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 101</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">10,640,200</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Fin. Corp., Ser. E,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">10,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.70%,
        2/01/10</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">11,175,200</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">5,750</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.75%,
        2/01/07</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">6,047,160</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">1,850</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Impvt., Ser. A, 5.00%, 7/01/29</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/14</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">1,927,164</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">29,789,724</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;334,961,955)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">354,613,800</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Shares</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD width="1%"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">MONEY
          MARKET FUND&#151;0.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">1,400</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">AIM
        Tax Free Investment Co. Cash Reserve Portfolio
        (cost &#36;1,400,000)</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">1,400,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;155.5% (cost &#36;336,361,955)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=right>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">356,013,800</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Other
        assets in excess of liabilities&#151;2.1%</FONT>&nbsp; </TD>
    <TD width="5%" align=left></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">4,856,544</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(57.6)%</FONT>&nbsp; </TD>
    <TD width="5%" align=left></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">(131,971,798</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=right>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left><FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">228,898,546</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center">&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="left">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Using the higher
        of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s
        rating.</FONT> </TD>
  </TR>

  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Security is deemed
        to be of investment grade quality by the investment
        advisor.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Security exempt
        from registration under Rule 144A of the Securities
        Act of 1933. These securities may be resold
        in transactions exempt from registration to
        qualified institutional investors. As of April
        30, 2005, the Trust held 9.8% of its net assets,
        with a current market value of &#36;22,451,500,
        in securities restricted as to resale.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=6><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">AMBAC </FONT></TD>
    <TD align=center><FONT size=2 face="serif">&#151;</FONT></TD>
    <TD width=41% align=left> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD width=5% align=left> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD align=center><FONT size=2 face="serif">&#151;</FONT></TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=4% align=left> <FONT size=2 face="serif">COP</FONT>&nbsp; </TD>
    <TD width=2% align=center> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">Certificate
        of Participation</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD width=2% align=center> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">ETM</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">Escrowed
        to Maturity</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FGIC</FONT>&nbsp; </TD>
    <TD align=center><FONT size=2 face="serif">&#151;</FONT></TD>
    <TD align=left> <FONT size=2 face="serif">Financial
        Guaranty Insurance Company</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">XLCA</FONT>&nbsp; </TD>
    <TD align=center><FONT size=2 face="serif">&#151;</FONT></TD>
    <TD align=left> <FONT size=2 face="serif">XL Capital
        Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT>&nbsp; <BR>
</center>
<P align="center">
<FONT size=2 face="serif">24</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center> </TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60% align=left>&nbsp; </TD>
    <TD width=5% align=left> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
    <TD width=1% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> <B></B>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right"><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;122.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Florida&#151;109.9%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Boynton
        Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center><FONT size=1 face="serif">ETM</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">207,227</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Brd.
        of Ed., GO, Ser. B, 5.875%, 6/01/05</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,012,690</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Brevard
        Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/06,
        AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,051,310</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Cap.
        Trust Agcy. Multi-Fam., American Oppty. Proj.,
        Ser. A, 5.875%, 6/01/38</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">989,870</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Collier
        Cnty. Sch. Brd., COP, 5.00%, 2/15/06, FSA</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,028,190</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dade
        Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25,
        MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,032,080</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dade
        Cnty. GO, Ser. B, Zero Coupon, 10/01/08, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">647,120</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dept.
        of Trans., GO, 5.80%, 7/01/05</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,015,330</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Div.
        of Bond Fin. Dept., Gen. Svcs. Rev., Dept.
        of Env. Presvtn. Proj.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.75%, 7/01/05, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,015,250</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">First
        Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,044,440</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Lee
        Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,033,090</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Live
        Oak Cmnty. Dev. Dist., Spl. Assmt., Ser. A,
        5.85%, 5/01/35</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">763,942</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Miami
        Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr.
        Proj., 6.75%, 11/15/21</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">563,625</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Miami
        Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero
        Coupon, 10/01/31, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/08</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        28.079</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,200,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Miami
        Hlth. Facs. Auth., Catholic Hlth. East Proj.,
        Ser. C, 5.125%, 11/15/24</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">778,582</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pinellas
        Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys.
        Proj., 5.50%, 11/15/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,057,090</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">660</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Stevens
        Plantation Impvt. Proj., 6.375%, 5/01/13</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">682,130</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sumter
        Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%,
        5/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,069,920</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT></TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3,4</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sunrise
        Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,051,760</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Volusia
        Cnty. Edl. Fac. Auth., 6.125%, 10/15/16</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/06</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,059,830</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">18,303,876</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;12.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">380</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Bldg. Auth., Pub. Ed. &amp; Hlth. Fac. Rev.,
        Ser. M, 5.50%, 7/01/05</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">381,893</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Fin. Corp., Ser. E,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">745</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        2/01/12</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">841,381</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">255</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        8/01/29</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">277,233</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Impvt., Ser. A, 5.00%, 7/01/34</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">518,945</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,019,452</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;19,108,397)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">20,323,328</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">SHORT-TERM
          INVESTMENTS&#151;24.9%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Florida&#151;9.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">800</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Jacksonville
        Hlth. Facs. Hosp., Variable Baptist Med. Ctr.
        Proj., 3.00%, 5/02/05, FRDD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">800,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">800</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Putnam
        Cnty. Dev. Poll. Ctrl., Pwr. &amp; Lt. Co.,
        3.03%, 5/02/05, FRDD</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">800,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,600,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;8.7%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Gov't.
        Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">750</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hwy. &amp; Transp.
        Auth., Transp. Rev., Ser. A, 3.00%, 5/04/05,
        AMBAC, FRWD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">750,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,450,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="right">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">25</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Shares</FONT></B> </TD>
    <TD width=70% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> <B></B>&nbsp; </TD>
    <TD width="70%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="70%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=2 face="serif">Money
          Market Funds&#151;6.6%</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">800</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">AIM
        Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">800,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">300</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">SSgA
        Tax Free Money Mkt. Fund</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">300,000</FONT> </TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,100,000</FONT> </TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Short-Term Investments (cost &#36;4,150,000)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,150,000</FONT> </TD>
    <TD width="1%" align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;146.9% (cost &#36;23,258,397)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">24,473,328</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Other
        assets in excess of liabilities&#151;4.1%</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">693,229</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(51.0)%</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">(8,501,444</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,665,113</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top nowrap><HR align="left" width="140" size=1 noshade></TD>
  </TR>
  <TR>
    <TD width="3%" valign=top nowrap> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="97%"> <FONT size=1 face="serif">Using
        the higher of S&amp;P&#146;s, Moody's or Fitch's
        rating.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">For purposes of
        amortized cost valuation, the maturity date
        of this instrument is considered to be the
        earlier of the next date on which the security
        can be redeemed at par, or the next date on
        which the rate of interest is adjusted.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=6><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">AMBAC </FONT></TD>
    <TD width=3% align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=48% align=left> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD width=6% align=left> <FONT size=2 face="serif">FRWD</FONT>&nbsp; </TD>
    <TD width=4% align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=34% align=left> <FONT size=2 face="serif">Floating
        Rate Weekly Demand</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left> <FONT size=2 face="serif">COP</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Certificate
        of Participation</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">ETM</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Escrowed
        to Maturity</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FGIC</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Financial
        Guaranty Insurance Company</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FRDD</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Floating
        Rate Daily Demand</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">26</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always">
<PAGE>
<B><FONT face="serif">PORTFOLIO
      OF INVESTMENTS (unaudited)</FONT></B><BR>
  <B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
  <B><FONT size=2 face="serif">BlackRock Florida Municipal
Income Trust (BBF)</FONT></B></P>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> <B></B>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2" align="center"> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;148.6%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Florida&#151;127.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;7,715</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Beacon
        Tradeport Cmnty. Dev. Dist., Spl. Assmt., Ser.
        A, 5.625%, 5/01/32, RAA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102 </FONT>&nbsp; </TD>
    <TD width="1%"><FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,465,824</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Boynton
        Beach Multi-Fam. Hsg., Clipper Cove Apts. Proj.,
        5.45%, 1/01/33, ACA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,069,400</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Brd.
        of Ed., GO,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,550</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.125%, 6/01/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,819,564</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        J, 5.00%, 6/01/24, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,064,480</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,800</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Cap.
        Projs. Fin. Auth., Student Hsg., Cap. Projs.
        Ln. Prog., Ser. F-1, 5.00%, 10/01/31, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,863,532</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Cap.
        Trust Agcy. Multi-Fam., American Oppty. Proj.,
        Ser. A, 5.875%, 6/01/38</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">989,870</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Escambia
        Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,154,560</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,440</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Gateway
        Svcs. Cmnty. Dev. Dist., Spl. Assmt., Stoneybrook
        Proj., 5.50%, 7/01/08</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,487,409</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,695</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Heritage
        Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%,
        5/01/34</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,802,310</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Highlands
        Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt
        Proj., Ser. A, 6.00%, 11/15/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,087,210</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,450</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hillsborough
        Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co.
        Proj., 5.50%, 10/01/23</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,499,793</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hsg.
        Fin. Corp., Sunset Place Proj., Ser. K-1, 6.10%,
        10/01/29</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,962,320</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Jacksonville
        Econ. Dev. Comm. Hlth. Facs., Mayo Clinic Proj.,
        Ser. B, 5.50%, 11/15/36</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,122,275</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Jacksonville
        Transp., 5.00%, 10/01/26, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,173,440</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">JEA,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aa2</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Elec.
        Sys., Ser. A, 5.50%, 10/01/07</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,314,550</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Wtr. &amp; Swr.
        Sys., Ser. C, 5.25%, 10/01/37</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/06</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,611,450</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> <SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,655</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Laguna
        Lakes Cmnty., Spl. Assmt., Ser. A, 6.40%, 5/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,745,793</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,770</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Melbourne
        Wtr. &amp; Swr., Zero Coupon, 10/01/21, FGIC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,351,871</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Miami
        Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr.
        Proj., 6.75%, 11/15/21</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,381,750</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Miami
        Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%,
        7/01/25, FGIC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,065,270</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Miami
        Dade Cnty., Spec. Oblig. Rev., MBIA,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,595</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, Zero Coupon, 10/01/19</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/08</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        55.413</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,281,152</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,700</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, Zero Coupon, 10/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/08</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        25.056</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,075,218</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">25,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C, Zero Coupon, 10/01/28</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/08</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        32.99</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,113,250</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">No.
        Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. &amp; Impvt.
        Unit Dev. 43,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,630</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.10%,
        8/01/21</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,711,353</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.125%,
        8/01/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,645,600</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Palm
        Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%,
        8/01/25, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,630,000</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">So.
        Miami Hlth. Facs. Auth., Baptist Hlth. Proj.,
        5.25%, 11/15/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,462,720</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">St.
        Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28,
        FSA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,554,525</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,815</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sumter
        Cnty. Indl. Dev. Auth., No. Sumter Util. Co.
        LLC Proj., 6.80%, 10/01/32</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,881,828</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sumter
        Landing Cmnty. Dev. Dist., Spl. Assmt., 6.95%,
        5/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,139,840</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tampa,
        Univ. of Tampa Proj., 5.625%, 4/01/32, RAA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,982,735</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tampa
        Wtr. &amp; Swr., Ser. A, 5.00%, 10/01/26</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,196,560</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Vlg.
        Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev.,
        Ser. A,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.00%,
        5/01/22</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,208,680</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> <SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,870</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.50%,
        5/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,019,750</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Volusia
        Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ.
        Proj., Ser. A, 5.75%, 10/15/29</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,096,900</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">133,032,782</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;20.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Children's
        Trust Fund, Tobacco Settlement Rev., 5.625%,
        5/15/43</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,987,700</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Fin. Corp., Ser. E,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.70%,
        2/01/10</FONT>&nbsp; </TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,470,080</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.75%,
        2/01/07</FONT>&nbsp; </TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,155,040</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Impvt., Ser. A,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,520</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.125%,
        7/01/11</FONT>&nbsp; </TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,795,033</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,980</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.125%,
        7/01/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,180,793</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">21,588,646</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;146,242,431)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">154,621,428</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">SHORT-TERM
          INVESTMENTS&#151;4.4%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Florida&#151;3.9%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT><FONT size=1 face="serif">+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,100</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Jacksonville
        Hlth. Facs. Hosp., Variable Baptist Med. Ctr.
        Proj., 3.00%, 5/02/05, FRDD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,100,000</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">27</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=8% align=center> <B><FONT size=2 face="serif">Shares</FONT></B> </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=70% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" align=center> <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="70%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=2 face="serif">Money
          Market Fund&#151;0.5%</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">AIM
        Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="1%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Short-Term Investments (cost &#36;4,600,000)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,600,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="1%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;153.0% (cost &#36;150,842,431)</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">159,221,428</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Other
        assets in excess of liabilities&#151;2.3%</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,441,285</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(55.3)%</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">(57,565,772</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="1%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left></TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">104,096,941</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"></TD>
    <TD width="8%"> </TD>
    <TD width="1%"> </TD>
    <TD width="70%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD width="3%" valign=top nowrap> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="97%"> <FONT size=1 face="serif">Using
        the higher of S&amp;P&#146;s, Moody&#146;s
        or Fitch&#146;s rating.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Security is deemed
        to be of investment grade quality by the investment
        advisor.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">For purposes of
        amortized cost valuation, the maturity date
        of this instrument is considered to be the
        earlier of the next date on which the security
        can be redeemed at par, or the next date on
        which the rate of interest is adjusted.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=6><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=7% align=left> <FONT size=2 face="serif">ACA</FONT>&nbsp; </TD>
    <TD width=3% align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=39% align=left> <FONT size=2 face="serif">American
        Capital Access</FONT>&nbsp; </TD>
    <TD width=6% align=left> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD width=3% align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">AMBAC</FONT> </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">COP</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Certificate
        of Participation</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">ETM</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Escrowed
        to Maturity</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">PCR</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Pollution
        Control Revenue</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FGIC</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Financial
        Guaranty Insurance Company</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">RAA</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Radian
        Asset Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FRDD</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Floating
        Rate Daily Demand</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">28</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"><PAGE>
<B><FONT face="serif">PORTFOLIO
      OF INVESTMENTS (unaudited)</FONT></B><BR>
  <B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
  <B><FONT size=2 face="serif">BlackRock New Jersey
Investment Quality Municipal Trust (RNJ)</FONT></B>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center> </TD>
    <TD width=8% align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=4% align=left>&nbsp; </TD>
    <TD width=60% align=left>&nbsp; </TD>
    <TD width=5% align=left> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD align=center> <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp; </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=center> <B><FONT size=2 face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;127.5%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Multi-State&#151;7.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;&nbsp;1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Charter
        Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,074,550</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          Jersey&#151;113.3%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Delaware
        River Port Auth. of PA &amp; NJ, 5.75%, 1/01/26,
        FSA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,107,670</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Econ.
        Dev. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Cigarette
        Tax Rev., 5.75%, 6/15/34</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,049,320</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">B</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">925</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Continental
        Airlines, Inc. Proj., 7.00%, 11/15/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">819,901</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Sld.
        Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%,
        6/01/15</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">523,325</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">900</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Transp.
        Proj., Ser. A, 5.75%, 5/01/10, FSA</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,006,866</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Edl.
        Fac. Auth., Rowan Coll. Proj., Ser. E, 5.875%,
        7/01/06, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,045,860</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Essex
        Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%,
        4/01/06, FSA</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,046,270</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth.
        Care Fac. Fin. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Hackensack
        Univ. Med. Ctr. Proj., 6.00%, 1/01/25</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/10</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,063,530</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">St.
        Josephs Hosp. &amp; Med. Ctr. Proj., 5.75%,
        7/01/16, CONNIE LEE</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/06</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,049,650</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Middlesex
        Cnty. Impvt. Auth.</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Heldrich
        Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/15</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">739,882</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Student
        Hsg. Proj., Ser. A, 5.00%, 8/15/35</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/14</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,008,050</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Passaic
        Valley Sewage Com., Swr. Sys., GO, Ser. E,
        5.75%, 12/01/21, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/09</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,121,790</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Port
        Auth. of NY &amp; NJ, 5.75%, 12/15/20</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/05</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,013,600</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tobacco
        Settlement Fin. Corp., 6.125%, 6/01/42</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,006,960</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tpke.
        Auth., Ser. C, AMBAC,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">785</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.50%,
        1/01/16</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">ETM</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">946,365</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">215</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.50%,
        1/01/16</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">261,040</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Trans.
        Auth. Trust Fund, Trans. Sys. Rev., Ser. B,
        MBIA,</FONT>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        6/15/05</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,023,650</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.75%,
        6/15/05</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,023,930</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">16,857,659</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;7.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,000</FONT></TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4,5</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Puerto
        Rico, 5.40%, 7/01/06, FSA</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,045,910</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;17,785,920)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">18,978,119</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">SHORT-TERM
          INVESTMENTS&#151;20.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          Jersey&#151;20.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Edl.
        Fac. Auth., Princeton Univ. Proj.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        F, 2.80%, 5/02/05, FRDD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">300</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 2.96%, 5/02/05, FRDD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">300,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">VMIG1</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Essex
        Cnty. Impvt. Auth. Rev., Aces Pooled Govtl.
        Ln. Prog., 2.97%, 5/04/05, FRWD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">600</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Gloucester
        Cnty. Indl., PCR Exxon Mobil Corp., 2.94%,
        5/02/05. FRDD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">600,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">700</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sports &amp; Expo.
        Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">700,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Short-Term Investments (cost &#36;3,000,000)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;147.6% (cost &#36;20,785,920)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">21,978,119</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Other
        assets in excess of liabilities&#151;2.8%</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">409,628</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(50.4)%</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">(7,502,063</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,885,684</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center">&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%" align="left">
      <HR noshade size=2>
    </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD width="3%" valign=top nowrap> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="97%"> <FONT size=1 face="serif">Using
        the higher of S&amp;P&#146;s, Moody&#146;s
        or Fitch&#146;s rating.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Security exempt
        from registration under Rule 144A of the Securities
        Act of 1933. These securities may be resold
        in transactions exempt from registration to
        qualified institutional investors. As of April
        30, 2005, the Trust held 7.2% of its net assets,
        with a current market value of &#36;1,074,550,
        in securities restricted as to resale.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">For purposes of
        amortized cost valuation, the maturity date
        of this instrument is considered to be the
        earlier of the next date on which the security
        can be redeemed at par, or the next date on
        which the rate of interest is adjusted.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=6><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=11% align=left> <FONT size=2 face="serif">AMBAC</FONT>&nbsp; </TD>
    <TD width=3% align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD width=40% align=left> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD width=5% align=left> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD width=3% align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD width=33% align=left> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">CONNIE
        LEE</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">College
        Construction Loan Insurance Association</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="serif">ETM</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">Escrowed
        to Maturity</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&nbsp;</FONT><FONT size=2 face="serif">MBIA</FONT></TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FRDD</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Floating
        Rate Daily Demand</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">PCR</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Pollution
        Control Revenue</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">FRWD</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Floating
        Rate Weekly Demand</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<p align="center"><FONT size=2 face="serif">See Notes to Financial
    Statements.</FONT>&nbsp; <BR>
</p>
<P align="center">
<FONT size=2 face="serif">29</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B>  </TD>
    <TD width=60% align=left>&nbsp; </TD>
    <TD width=5% align=left> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B>  </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;  </TD>
    <TD width="60%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;151.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Multi-State&#151;13.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Charter
        Mac Equity Issuer Trust,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;7,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-2, 6.30%, 6/30/49</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,436,800</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,500</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B-1, 6.80%, 11/30/50</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,723,975</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">MuniMae
        TE Bond Subsidiary, LLC,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-1, 6.30%, 6/30/49</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,167,490</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B-1, 6.80%, 6/30/50</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,177,020</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,505,285</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          Jersey&#151;110.5%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Cherry
        Hill Twnshp., GO,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,065</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.00%,
        7/15/22</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,295,079</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,275</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.00%,
        7/15/23</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,497,770</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Econ.
        Dev. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Cigarette
        Tax Rev., 5.75%, 6/15/34</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,246,600</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">B</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,450</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Continental
        Airlines, Inc. Proj., 7.00%, 11/15/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,058,011</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">B</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Continental
        Airlines, Inc. Proj., 7.20%, 11/15/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,815,900</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,630</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">First
        Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%,
        1/01/18</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,666,636</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,050</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">First
        Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,239,094</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Kapkowski
        Rd. Landfill Proj., 6.50%, 4/01/28&#150;4/01/31</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,718,775</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Masonic
        Charity Fndtn. Proj., 5.50%, 6/01/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,171,400</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Sld.
        Wst. Rev., Disp. Wst. Mgmt. Proj., Ser. A,
        5.30%, 6/01/15</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,093,300</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,950</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Victoria
        Hlth. Proj., Ser. A, 5.20%, 12/20/36</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        103</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,088,665</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Edl.
        Facs. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Fairleigh
        Dickinson Univ. Proj., Ser. C, 5.50%, 7/01/23</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,052,070</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Fairleigh
        Dickinson Univ. Proj., Ser. C, 6.00%, 7/01/20</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,180,660</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Fairleigh
        Dickinson Univ. Proj., Ser. D, 6.00%, 7/01/25</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,221,580</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,120</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Georgian
        Court Coll. Proj., Ser. C, 6.50%, 7/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,385,127</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,600</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Garden
        St. Presvtn. Trust, Open Space &amp; Farmland
        Presvtn. Proj., Zero Coupon,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">11/01/26,
        FSA</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,642,596</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hlth.
        Care Fac. Fin. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Atlantic
        City Med. Ctr. Proj., 5.75%, 7/01/25</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,801,005</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Catholic
        Hlth. East Proj., Ser. A, 5.375%, 11/15/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,132,930</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A2</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,000 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Kennedy
        Hlth. Sys. Proj., 5.625%, 7/01/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,626,200</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,460</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">So.
        Jersey Hosp. Proj., 6.00%, 7/01/26&#150;7/01/32</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,937,473</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,540</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">So.
        Ocean Cnty. Hosp. Proj., Ser. A, 6.25%, 7/01/23</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,550,472</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Middlesex
        Cnty. Impvt. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,400</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Admin.
        Bldg. Res. Proj., 5.35%, 7/01/34</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,480,262</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Heldrich
        Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,932,550</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,470</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">New
        Brunswick Apts. Rental Hsg. Proj., 5.30%, 8/01/35</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,610,537</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Middlesex
        Cnty. Poll. Ctrl. Auth. Rev., Amerada Hess
        Proj., 6.05%, 9/15/34</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,660,975</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,950</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Newark
        Hlth. Care Fac., New Cmty. Urban Renewal Proj.,
        Ser. A, 5.20%, 6/01/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,088,216</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Port
        Auth. of NY &amp; NJ, Spec. Oblig., JFK Intl.
        Air Term. 6 Proj., 5.75%, 12/01/22, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/07</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,616,560</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Tobacco
        Settlement Fin. Corp., 6.125%, 6/01/42</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,090,480</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,965</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Trenton
        Pkg. Auth., FGIC, 5.00%, 4/01/25&#150;4/01/30,
        FGIC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,282,986</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Vineland,
        GO, MBIA,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.30%,
        5/15/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,584,870</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.375%,
        5/15/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,589,220</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">130,357,999</FONT>&nbsp; </TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">30</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD width=8%>&nbsp; </TD>
    <TD width=8% colspan="2"> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60%>&nbsp; </TD>
    <TD width=5%> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8%> </TD>
    <TD width=1%>&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%">&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%">&nbsp; </TD>
    <TD width="5%" colspan="2"> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD> </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">(000)</FONT></B> <B></B>&nbsp; </TD>
    <TD width="60%"> <B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2"> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;27.5%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hsg.
        Fin. Corp., Home Mtg. Rev.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;&nbsp;2,735</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.20%, 12/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,794,267</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,735</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.30%, 12/01/28</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/11</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,784,586</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">3,800</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Hwy. &amp; Transp.
        Auth., Ser. D, 5.25%, 7/01/38</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">4,005,808</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Bldgs. Auth., Ser. D,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Zero
        Coupon, 7/01/31, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/17</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">3,823,750</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">4,765 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Gov't
        Facs., 5.25%, 7/01/12</FONT>&nbsp; </TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">5,311,117</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">1,735</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Gov't
        Facs., 5.25%, 7/01/36</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">1,826,799</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Fin. Corp., Ser. E,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.70%,
        2/01/10</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">4,470,080</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">7,040</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.75%,
        2/01/07</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">7,403,827</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">32,420,234</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;167,095,476)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">178,283,518</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Shares</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> &nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%"> </TD>
    <TD> </TD>
    <TD width="1%"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">MONEY
          MARKET FUND&#151;0.5%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">600</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">AIM
        Tax Free Investment Co. Cash Reserve Portfolio
        (cost &#36;600,000)</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">600,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;151.6% (cost &#36;167,695,476)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">178,883,518</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Other
        assets in excess of liabilities&#151;2.5%</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,951,221</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(54.1)%</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">(63,809,472</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">118,025,267</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Using the higher
        of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s
        rating.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Security exempt
        from registration under Rule 144A of the Securities
        Act of 1933. These securities may be resold
        in transactions exempt from registration to
        qualified institutional investors. As of April
        30, 2005, the Trust held 13.1% of its net assets,
        with a current market value of &#36;15,505,285,
        in securities restricted as to resale.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=6><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">AMBAC</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=42% align=left nowrap> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD width=4% align=left nowrap> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD width=3% align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=42% align=left nowrap> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% align=left nowrap> <FONT size=2 face="serif">FGIC</FONT>&nbsp; </TD>
    <TD width=3% align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Financial
        Guaranty Insurance Company</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">31</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT></B><br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD width=8%>&nbsp; </TD>
    <TD width=8% colspan="2"> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60%>&nbsp; </TD>
    <TD width=5%> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=1%>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%">&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%">&nbsp; </TD>
    <TD width="5%" colspan="2"> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp; </TD>
    <TD width="60%"> <B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2" align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR align="center">
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;142.4%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          York&#151;131.7%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Albany
        Indl. Dev. Agcy., New Covenant Charter Sch.
        Proj., Ser. A,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">7.00%,
        5/01/25</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">92,511</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">60</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">7.00%,
        5/01/35</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">57,296</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Albany
        Mun. Wtr. Fin. Auth., Second Resolution Rev.,
        Refdg.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.00%, 12/01/33, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/08</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,017,910</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dorm.
        Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Correctional
        Facs. Proj., 5.70%, 1/01/07, MBIA</FONT>&nbsp; </TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,067,590</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Hosp.
        Lutheran Med. Proj., 5.00%, 8/01/31, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">779,205</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">Aa3</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Kateri
        Residence Proj., 5.00%, 7/01/22</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,040,000</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BB+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Mount
        Sinai Hlth. Proj., Ser. A, 6.50%, 7/01/25</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,053,360</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,005</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">St.
        Univ. Edl. Fac. Proj., 5.25%, 5/15/15, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">No
        Opt. Call</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,138,132</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Univ.
        of Rochester Proj., Ser. B, 5.625%, 7/01/24</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,086,130</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,100</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Madison
        Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate
        Univ. Proj., Ser. B, 5.00%, 7/01/23</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,222,346</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Nassau
        Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/06</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,052,470</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City, GO,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A1</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">820 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 6.00%, 5/15/10</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">936,169</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">180</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 6.00%, 5/15/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">202,367</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">AA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B, 5.70%, 8/15/12</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,018,670</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A1</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">990 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        I, 5.875%, 3/15/06</FONT>&nbsp; </TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,032,006</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        I, 5.875%, 3/15/18</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">03/06</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101.5</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,389</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">AA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Hsg. Dev. Corp. Multi-Fam. Hsg. Rev.,
        Ser. A, 5.25%, 5/01/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,037,720</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Ind. Dev. Agcy., Term. One Grp. Assoc.
        Proj.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.00%,
        1/01/08</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,016,360</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.10%,
        1/01/09</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,016,510</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Mun. Wtr. Fin. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 6.00%, 6/15/05</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,014,290</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Wtr. &amp; Swr.
        Sys. Rev., Ser. B, 5.00%, 6/15/36, FSA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,049,780</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Wtr. &amp; Swr.
        Sys. Rev., Ser. C, 5.125%, 6/15/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,046,930</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT></TD>
    <TD width="4%" align=left><FONT size=1 face="serif">&nbsp;</FONT><SUP><FONT size=1 face="serif">3,4</FONT></SUP>  </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Transl. Fin. Auth., Ser. B, 6.00%,
        5/15/10</FONT>&nbsp; </TD>
    <TD colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT>  </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,293,400</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Caa2</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Port
        Auth. of NY &amp; NJ, Contl./Eastn. LaGuardia
        Proj., 9.125%, 12/01/15</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000,380</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sales
        Tax Asset Receivable Corp., Ser. A, 5.00%,
        10/15/32, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,118,860</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Triborough
        Brdg. &amp; Tunl. Auth., New York Revs., Refdg.,
        Ser. A, 5.00%, 1/01/32, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">01/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,036,580</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">26,437,361</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;10.7%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Children's
        Trust Fund, Tobacco Settlement Rev., 5.625%,
        5/15/43</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">498,975</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Fin. Corp., Ser. E,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">745 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        2/01/12</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">841,381</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">255</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        8/01/29</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">277,233</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> &nbsp;<FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Impvt., Ser. A, 5.00%, 7/01/34</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">518,945</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,136,534</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;26,760,723)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">28,573,895</FONT></TD>
    <TD width="1%" align=right></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">32</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=center> </TD>
    <TD width=8% colspan="2" align=center> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=70% align=center>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=8% align=center> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="70%" align=center>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD width="8%" colspan="2" align=center> <B><FONT size=2 face="serif">(000)</FONT></B> <B></B>&nbsp; </TD>
    <TD width="70%" align=center> <B><FONT size=2 face="serif">Description</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="70%">
      <HR noshade size=1>
    </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=2 face="serif">SHORT-TERM
          INVESTMENT&#151;4.5%</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1+</FONT> </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;&nbsp;900 </FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Jay
        Str. Dev. Corp. Lease Rev., Ser. A, 2.94%,
        5/02/05, FRDD (cost &#36;900,000)</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">900,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;146.9% (cost &#36;27,660,723)</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">29,473,895</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Other
        assets in excess of liabilities&#151;2.0%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">398,283</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(48.9)%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=1 face="serif">(9,803,464</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="70%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">20,068,714</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="70%"> </TD>
    <TD align="left">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD width="3%" valign=top nowrap> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="97%"> <FONT size=1 face="serif">Using
        the higher of S&amp;P&#146;s, Moody&#146;s
        or Fitch&#146;s rating.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">For purposes of
        amortized cost valuation, the maturity date
        of this instrument is considered to be the
        earlier of the next date on which the security
        can be redeemed at par, or the next date on
        which the rate of interest is adjusted.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=7><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=7> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=2 face="serif">AMBAC</FONT></TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=41% align=left nowrap> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD width=1% nowrap>&nbsp; </TD>
    <TD width=5% align=left nowrap> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD width=1% align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=42% align=left nowrap> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left nowrap> <FONT size=2 face="serif">FRDD</FONT>&nbsp; </TD>
    <TD width=1% align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Floating
        Rate Demand Deposit</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="7" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">33</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE><P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B><BR>
<B><FONT face="serif">APRIL 30, 2005</FONT></B><BR>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT></B><BR>
</P>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD width="8%">&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width="60%">&nbsp; </TD>
    <TD width="5%"> </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%">&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%">&nbsp; </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">(000)</FONT></B> <B></B>&nbsp; </TD>
    <TD width="60%"> &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2"> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">LONG-TERM
          INVESTMENTS&#151;150.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Multi-State&#151;11.3%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Charter
        Mac Equity Issuer Trust,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;&nbsp;6,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-2, 6.30%, 6/30/49</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,374,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,500</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B-1, 6.80%, 11/30/50</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,992,745</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">MuniMae
        TE Bond Subsidiary, LLC,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A3</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A-1, 6.30%, 6/30/49</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,334,980</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">3</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        B-1, 6.80%, 6/30/50</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,265,530</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">21,967,655</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          York&#151;121.1%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">NR</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Albany
        Indl. Dev. Agcy., New Covenant Charter Sch.
        Proj., Ser. A, 7.00%, 5/01/25&#150;5/01/35</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,449,567</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Dorm.
        Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,765</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">City
        Univ. Proj., Ser. A, 5.25%, 7/01/11</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,969,899</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">10,780</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Lenox
        Hill Hosp. Oblig. Grp. Proj., 5.50%, 7/01/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">11,139,513</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">New
        Sch. Univ. Proj., 5.00%, 7/01/41, MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,253,800</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">New
        York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,154,550</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">No.
        Shore Long Island Jewish Grp. Proj., 5.375%,
        5/01/23</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,124,640</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">No.
        Shore Long Island Jewish Grp. Proj., 5.50%,
        5/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,127,480</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Madison
        Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate
        Univ. Proj., Ser. B, 5.00%, 7/01/33</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,081,400</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Met.
        Transp. Auth., Ded. Tax Fund, Ser. A,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.00%,
        11/15/30</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,363,960</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.125%,
        11/15/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">11/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,521,160</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Mtg.
        Agcy.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aa1</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,950</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        101, 5.40%, 4/01/32</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,065,787</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.30%, 10/01/31</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">04/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">15,758,385</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City, GO,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,290</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C, 5.375%, 3/15/12</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,719,049</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,710</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C, 5.375%, 3/15/28</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">03/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,889,700</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        D, 5.375%, 6/01/32</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,458,990</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Ind. Dev. Agcy.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">750</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Marymount
        Sch. Proj., 5.125%, 9/01/21, ACA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">775,358</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Marymount
        Sch. Proj., 5.25%, 9/01/31, ACA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">09/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,069,360</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,550</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Royal
        Charter Presbyterian Proj., 5.25%, 12/15/32,
        FSA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">1,650,393</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,850</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Spec.
        Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%,
        7/01/28</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,873,166</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Term.
        One Grp. Assoc. Proj., 6.00%, 1/01/19</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,098,160</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Mun. Wtr. Fin. Auth.,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.00%, 6/15/32, FGIC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,135,920</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">12,725</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        A, 5.00%, 6/15/35, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,275,992</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        C, 5.00%, 6/15/32</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,710,275</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA+</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        D, 5.00%, 6/15/39</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/15</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,209,350</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,660</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Transl. Fin. Auth., Ser. C, 5.00%,
        5/01/29</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">3,783,928</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,700</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York Cntys. Tobacco Trust III, 6.00%, 6/01/43</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">6,806,932</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Port
        Auth. of NY &amp; NJ,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">Caa2</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,250</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Contl./Eastn.
        LaGuardia Proj., 9.125%, 12/01/15</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/05</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,253,515</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Ser.
        124, 5.00%, 8/01/36, FGIC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/08</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">9,687,815</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">13,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">5</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">Spec.
        Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22,
        MBIA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">12/07</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        102</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">14,001,910</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Rensselaer
        Tobacco Asset Sec. Corp., Tobacco Settlement
        Rev., Ser. A, 5.75%, 6/01/43</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,525,675</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Rockland
        Tobacco Asset Sec. Corp., Tobacco Settlement
        Rev., 5.75%, 8/15/43</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">08/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">4,962,600</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Sales
        Tax Asset Receivable Corp., Ser. A, 5.00%,
        10/15/32, AMBAC</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/14</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,648,575</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Suffolk
        Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson
        Proj., 5.25%, 6/01/27</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">06/13</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">7,279,790</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">TSASC,
        Inc., Tobacco Settlement Rev., Ser. 1,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.75%,
        7/15/32</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/12</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,072,700</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">6.375%,
        7/15/39</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/09</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">8,280,000</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA-</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,290</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Urban
        Dev. Corp., Correctional Facs., Ser. 6, 5.375%,
        1/01/06</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">5,490,808</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">AA</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Westchester
        Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac.,
        5.25%, 10/01/31, RAA</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">10/11</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,606,100</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,000</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Westchester
        Tobacco Asset Sec. Corp., Tobacco Settlement
        Rev., 6.75%, 7/15/29</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/10</FONT> </TD>
    <TD width="5%" align=left> <FONT size=1 face="serif">@
        101</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">2,102,820</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=1 face="serif">235,379,022</FONT></TD>
    <TD width="1%" align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%"> </TD>
    <TD width="8%"> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD width="5%"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">34</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD width=8%> </TD>
    <TD width=8% colspan="2"> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD width=60%>&nbsp; </TD>
    <TD width=5%> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8%> </TD>
    <TD width=1%>&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%"> </TD>
    <TD width="8%" colspan="2"> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD width="60%">&nbsp; </TD>
    <TD width="5%" colspan="2"> <B><FONT size=2 face="serif">Option
          Call</FONT></B> </TD>
    <TD width="1%">&nbsp; </TD>
    <TD> </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="8%"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD colspan="2"> <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B> &nbsp; </TD>
    <TD width="60%"> <B><FONT size=2
face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width="5%" colspan="2"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD width="1%" colspan="2"> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR align="center">
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%">
      <HR noshade size=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Puerto
          Rico&#151;18.4%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">$&nbsp;&nbsp;&nbsp;4,060</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Children's
        Trust Fund, Tobacco Settlement Rev., 5.625%,
        5/15/43</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">05/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">4,051,677</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Bldgs. Auth., Gov't Facs., Ser. D,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">4,400</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.25%,
        7/01/12</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">4,904,284</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">1,600</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.25%,
        7/01/36</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">07/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">1,684,656</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Pub.
        Fin. Corp., Ser. E,</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">7,475</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        2/01/12</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">8,442,041</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">2,525</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.50%,
        8/01/29</FONT>&nbsp; </TD>
    <TD width="5%" align=right> <FONT size=1 face="serif">02/12</FONT> </TD>
    <TD align=left> <FONT size=1 face="serif">@ 100</FONT>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">2,745,155</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">7,000</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.70%,
        2/01/10</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">7,822,640</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">BBB+</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">5,750</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">4</FONT></SUP> </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5.75%,
        2/01/07</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">6,047,160</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%" align="center"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">35,697,613</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%" align="center"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Long-Term Investments (cost &#36;279,859,814)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">293,044,290</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%" align="center"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=9 align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">SHORT-TERM
          INVESTMENTS&#151;11.0%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">New
          York&#151;2.2%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="serif">A-1</FONT> </TD>
    <TD align=right> <FONT size=1 face="serif">4,200</FONT> </TD>
    <TD width="4%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP> </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">New
        York City Mun. Wtr. Fin. Auth., Wtr. &amp; Swr.
        Sys. Rev., Ser. G, 3.02%,</FONT>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> &nbsp; &nbsp;<FONT size=1 face="serif">5/02/05,
        FGIC, FRDD</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">4,200,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%"> </TD>
    <TD width="5%" align="center"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Shares</FONT></B> </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="60%"> </TD>
    <TD width="5%" align="center"> </TD>
    <TD> </TD>
    <TD width="1%"> </TD>
    <TD> </TD>
    <TD width="1%"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=2 face="serif">Money
          Market Funds&#151;8.8%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=center> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=right> <FONT size=1 face="serif">9,700</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">AIM
        Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">9,700,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=right> <FONT size=1 face="serif">7,500</FONT> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">SSgA
        Tax Free Money Mkt. Fund</FONT>&nbsp; </TD>
    <TD width="5%" colspan="2" align=center> <FONT size=1 face="serif">N/A</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">7,500,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">17,200,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Short-Term Investments (cost &#36;21,400,000)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">21,400,000</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Total
          Investments&#151;161.8% (cost &#36;301,259,814)</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">314,444,290</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Liabilities
        in excess of other assets&#151;(5.3)%</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">(10,378,857</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <FONT size=1 face="serif">Preferred
        shares at redemption value, including dividends
        payable&#151;(56.5)%</FONT>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">(109,780,177</FONT> </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=center> </TD>
    <TD align=left> </TD>
    <TD width="4%" align=left>&nbsp; </TD>
    <TD width="60%" align=left> <B><FONT size=1 face="serif">Net
          Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp; </TD>
    <TD width="5%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left> <FONT size=1 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="serif">194,285,256</FONT> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="8%" align="center"> </TD>
    <TD> </TD>
    <TD width="4%"> </TD>
    <TD width="60%"> </TD>
    <TD width="5%"> </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD width="1%">&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Using the higher
        of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s
        rating.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Date (month/year)
        and price of the earliest optional call or
        redemption. There may be other call provisions
        at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Security exempt
        from registration under Rule 144A of the Securities
        Act of 1933. These securities may be resold
        in transactions exempt from registration to
        qualified institutional investors. As of April
        30, 2005, the Trust held 11.3% of its net assets,
        with a current market value of &#36;21,967,655,
        in securities restricted as to resale.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">This bond is prefunded.
        U.S. government securities, held in escrow,
        are used to pay interest on this security,
        as well as retire the bond in full at the date
        indicated, typically at a premium to par.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Entire or partial
        principal amount pledged as collateral for
        financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">For purposes of
        amortized cost valuation, the maturity date
        of this instrument is considered to be the
        earlier of the next date on which the security
        can be redeemed at par, or the next date on
        which the rate of interest is adjusted.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=6><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">KEY
          TO ABBREVIATIONS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=7% align=left nowrap> <FONT size=2 face="serif">ACA</FONT>&nbsp; </TD>
    <TD width=2% align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=40% align=left nowrap> <FONT size=2 face="serif">American
        Capital Access</FONT>&nbsp; </TD>
    <TD width=6% align=left nowrap> <FONT size=2 face="serif">FSA</FONT>&nbsp; </TD>
    <TD width=2% align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD width=43% align=left nowrap> <FONT size=2 face="serif">Financial
        Security Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">AMBAC</FONT></TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">American
        Municipal Bond Assurance Corporation</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">GO</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">General
        Obligation</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">FGIC</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Financial
        Guaranty Insurance Company</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Municipal
        Bond Insurance Association</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">FRDD</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Floating
        Rate Demand Deposit</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">RAA</FONT>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="monospace">&#151;</FONT>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Radian
        Asset Assurance</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">35</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">STATEMENTS OF ASSETS AND LIABILITIES (unaudited) <br>
April 30, 2005</FONT></B></P>
<hr noshade>

<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=37% align=left>&nbsp; </TD>
    <TD width=2% align=center nowrap>&nbsp; </TD>
    <TD width=11% align=center nowrap> </TD>
    <TD width=4% align=center nowrap>&nbsp; </TD>
    <TD width=2% align=center nowrap> </TD>
    <TD width=10% align=center nowrap> </TD>
    <TD width=4% align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">California</FONT></B> </TD>
    <TD width=4% align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">California</FONT></B> </TD>
    <TD width=3% align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> &nbsp;<B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Assets</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(BKN)</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(BFK)</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(RAA)</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(BFZ)</FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD width="3%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="10%" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD width="1%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="9%" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investments
        at value</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">414,352,286</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">1,008,197,047</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">21,479,918</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">356,013,800</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Cash</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">276,651</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">538,926</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">537,023</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">533,591</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Receivable
        from investments sold</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,000</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Variation
        margin receivable</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">167,250</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">608,250</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">750</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">225,500</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Interest
        receivable</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,779,387</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">17,234,021</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">240,294</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,509,298</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Other
        assets</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">101,120</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">99,376</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">17,212</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">34,848</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">421,726,694</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,026,682,620</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">22,275,197</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">362,317,037</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Liabilities</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Payable
        for investments purchased</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,627,190</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        payable&#151;common shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,272,897</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,536,108</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">71,101</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,140,007</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        advisory fee payable</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">117,840</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">292,286</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,165</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">103,002</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Administration
        fee payable</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,503</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,894</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Deferred
        Directors&#146; or Trustees&#146; fees</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">70,839</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">93,700</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15,061</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">32,815</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Payable
        to affiliates</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">30,543</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">36,978</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,873</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,004</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Other
        accrued expenses</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">117,889</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">139,054</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">41,718</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">156,865</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,287,701</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4,098,126</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">143,812</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,446,693</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Preferred
          Shares at Redemption Value</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">&#36;25,000
        liquidation value per share,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">including
        dividends payable</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">146,616,510</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">375,230,635</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,501,111</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">131,971,798</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Net
          Assets Applicable to</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">Common
          Shareholders</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">264,822,483</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">647,353,859</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,630,274</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">228,898,546</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD align="left">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Composition
        of Net Assets Applicable to</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Common
        Shareholders:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Par
        value</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">167,071</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">43,588</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,071</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,986</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Paid-in
        capital in excess of par</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">231,766,743</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">618,575,536</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13,411,135</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">212,626,998</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Undistributed
        net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13,486,375</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">21,433,082</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">265,326</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,690,794</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated
        net realized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(5,596,672</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(41,702,431</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(13,830</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(9,129,726</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        unrealized appreciation</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">24,998,966</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">49,004,084</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">957,572</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">18,695,494</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        applicable to common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">April
        30, 2005</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">264,822,483</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">647,353,859</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,630,274</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">228,898,546</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD align="left">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value per common share</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$15.85</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">$14.85</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$14.53</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$15.27</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="left"><HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD align="left"><HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">Investments
        at cost</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">388,643,834</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">956,613,449</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">20,519,098</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">336,361,955</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <SUP><FONT size=2 face="serif">2</FONT></SUP><FONT size=2 face="serif">Preferred
        shares outstanding</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,862</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15,005</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">300</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,278</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">Par
        value per share</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.01</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.001</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.01</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.001</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <SUP><FONT size=2 face="serif">4</FONT></SUP><FONT size=2 face="serif">Common
        shares outstanding</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,707,093</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">43,588,385</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,007,093</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,985,501</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">See Notes
to Financial Statements.</FONT> </P>
<P align="center"><FONT size=2 face="serif">36</FONT></P>
<HR noshade  width="100%" size=4>

<p>&nbsp;</p>
<P align="left" style="page-break-before:always"></P><PAGE>


<hr noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Florida</FONT></B>&nbsp; </TD>
    <TD width="5%" nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Florida</FONT></B> </TD>
    <TD width="6%" nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">New
          Jersey</FONT></B> </TD>
    <TD width="4%" nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">New
          Jersey</FONT></B> </TD>
    <TD width="4%" nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">New
          York</FONT></B>&nbsp; </TD>
    <TD width="4%" nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal
          Income</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">New
          York Municipal</FONT></B> </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Trust</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(RFA)</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(BBF)</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(RNJ)</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(BNJ)</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(RNY)</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(BNY)</FONT></B> </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="9%">
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="10%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD width="3%">
      <HR noshade size=1>
    </TD>
    <TD width="9%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">24,473,328</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">159,221,428</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">21,978,119</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">178,883,518</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">29,473,895</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">314,444,290</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">500,136</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">531,809</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">151,876</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">506,791</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">172,145</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">502,426</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">40,000</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">85,750</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">750</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">104,250</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,250</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">150,000</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">327,856</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,420,356</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">366,673</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,015,711</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">518,947</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,054,405</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,914</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12,938</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">17,557</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15,689</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,898</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">30,130</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">25,319,234</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">162,312,281</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">22,514,975</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">182,525,959</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">30,183,135</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">320,181,251</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">149,927</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,933,735</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
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    <TD align=right> <FONT size=2 face="serif">79,777</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">500,968</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">67,624</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">556,910</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">95,581</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">943,357</FONT> </TD>
    <TD align=left>&nbsp; </TD>
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  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,214</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">46,254</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,408</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">51,961</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,542</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">87,125</FONT> </TD>
    <TD align=left>&nbsp; </TD>
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  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,326</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,934</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,816</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
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  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,745</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12,029</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15,405</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,665</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,702</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">28,408</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,456</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,960</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4,818</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,047</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,886</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9,289</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">45,159</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">84,357</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">30,039</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">59,637</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">35,503</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">113,904</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD><HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">152,677</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">649,568</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">127,228</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">691,220</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">310,957</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,115,818</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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  <TR>
    <TD colspan=18>&nbsp; </TD>
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  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,501,444</FONT>&nbsp; </TD>
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    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">57,565,772</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,502,063</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">63,809,472</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9,803,464</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">109,780,177</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
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  <TR>
    <TD colspan=18>&nbsp; </TD>
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  <TR>
    <TD colspan=18>&nbsp; </TD>
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  <TR valign="bottom">
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,665,113</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">104,096,941</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,885,684</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">118,025,267</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">20,068,714</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">194,285,256</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
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    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11,271</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,646</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,071</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,415</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13,071</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12,521</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15,001,008</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">94,259,825</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13,165,936</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">105,166,744</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">17,655,407</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">177,620,593</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">415,592</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,685,044</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">573,264</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,642,024</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">561,814</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,456,029</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">26,507</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(869,752</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(52,538</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(1,536,647</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">30,534</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(1,352,241</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
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  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,210,735</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,015,178</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,188,951</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,745,731</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,807,888</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12,548,354</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,665,113</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">104,096,941</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,885,684</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">118,025,267</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">20,068,714</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">194,285,256</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$14.79</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$15.66</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$14.78</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$15.92</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$15.35</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">$15.52</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">23,258,397</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">150,842,431</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">20,785,920</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">167,695,476</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">27,660,723</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">301,259,814</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">340</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,302</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">300</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,552</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">392</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4,390</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.01</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.001</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.01</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.001</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.01</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.001</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,127,093</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,646,343</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,007,093</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,414,793</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,307,093</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12,521,494</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">37</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">STATEMENTS OF OPERATIONS (unaudited) <br>
For the six months ended April 30, 2005</FONT></B></P>
<hr noshade>

<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=39% align=left>&nbsp; </TD>
    <TD width=2% align=center nowrap> </TD>
    <TD width=12% align=center nowrap> </TD>
    <TD width=3% align=center nowrap>&nbsp; </TD>
    <TD width=2% align=center nowrap> </TD>
    <TD width=10% align=center nowrap> </TD>
    <TD width=4% align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">California</FONT></B> </TD>
    <TD width=4% align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">California</FONT></B> </TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(BKN)</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(BFK)</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(RAA)</FONT></B> </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(BFZ)</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD width="4%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD width="3%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Net
          Investment Income</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Interest
        income</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">10,957,325</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">28,399,918</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">471,386</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">9,320,738</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Expenses</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Investment
        advisory</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">711,440</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,007,738</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">38,306</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,062,504</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Administration</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">304,903</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">10,944</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Transfer
        agent</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9,231</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,679</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,249</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,964</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Custodian</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">51,067</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">74,847</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,115</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">41,769</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Reports
        to shareholders</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">29,193</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">67,191</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,620</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">21,975</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Trustees</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">18,162</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">39,458</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,064</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15,204</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Registration</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,937</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">16,793</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">291</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15,620</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Independent
        accountants</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">20,363</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">20,815</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,421</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">19,005</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Legal</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">20,628</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">43,340</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,100</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">16,721</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Insurance</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,441</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">34,854</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">776</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12,403</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Auction
        agent</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">188,419</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">480,400</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">11,257</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">170,411</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Miscellaneous</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">25,327</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">50,477</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,260</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">23,498</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total
        expenses</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,395,111</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,844,592</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">100,403</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,407,074</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Less
        fees waived by Advisor</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,253,224</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(442,710</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Less
        fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(6,002</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(4,677</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2,839</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(5,830</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net
        expenses</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,389,109</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,586,691</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">97,564</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">958,534</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9,568,216</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">25,813,227</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">373,822</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,362,204</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Realized
          and Unrealized Gain (Loss)</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gain (loss) on:</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,110,746</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,496,205</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">110,960</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(895,485</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Futures</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(291,293</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,040,483</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,182</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(385,527</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,819,453</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,455,722</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">109,778</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,281,012</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        change in unrealized appreciation/depreciation
        on:</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(4,746,938</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15,666,777</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">97,171</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,432,877</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Futures</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">665,165</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,361,431</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,813</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">875,118</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(4,081,773</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">18,028,208</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">99,984</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,307,995</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net gain
        (loss)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,737,680</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">24,483,930</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">209,762</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,026,983</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Dividends
          and Distributions to</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">Preferred
          Shareholders from:</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,321,001</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,374,792</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(55,273</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,021,331</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gains</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        dividends and distributions</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,321,001</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,374,792</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>

    <TD align=right> <FONT size=2 face="serif">(55,273</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,021,331</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Net
          Increase in Net Assets Applicable</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">to
          Common Shareholders Resulting</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">from
          Operations</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">9,984,895</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">46,922,365</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">528,311</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,367,856</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=13>&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT> <BR>
</center>
<P align="center">
<FONT size=2 face="serif">38</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always">

<PAGE></P>
<hr noshade>
<p></p>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Florida</FONT></B> </TD>
    <TD width=4% nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Florida</FONT></B> </TD>
    <TD width=3% nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">New
          Jersey</FONT></B> </TD>
    <TD width=4% nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">New
          Jersey</FONT></B> </TD>
    <TD width=5% nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">New
          York</FONT></B> </TD>
    <TD width=5% nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">New
          York</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Investment
          Quality</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Municipal
          Trust</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(RFA)</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(BBF)</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(RNJ)</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(BNJ)</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(RNY)</FONT></B> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan="2" nowrap> <B><FONT size=2 face="serif">(BNY)</FONT></B> </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="10%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD width="4%">
      <HR noshade size=1>
    </TD>
    <TD width="9%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD width="3%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD width="3%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD width="3%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">580,410</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">4,204,659</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">541,214</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">4,832,701</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">743,547</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,982,968</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">43,766</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">476,634</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">38,829</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">535,081</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">51,673</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">898,811</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12,505</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">11,094</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,764</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,611</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,964</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,611</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,964</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,611</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,964</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4,923</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">27,885</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,085</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">28,841</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,545</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">36,283</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,620</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">11,542</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,620</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">13,937</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,620</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">21,859</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,064</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,059</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,064</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,783</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,064</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">13,213</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">328</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">11,157</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">291</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">11,157</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">380</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15,620</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,421</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">17,738</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,421</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">17,738</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,421</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">19,005</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,151</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9,250</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,109</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9,507</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,214</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">16,220</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">892</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,563</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">786</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,242</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,053</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">10,527</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12,521</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">74,900</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">11,286</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">82,606</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,140</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">142,912</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,027</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15,137</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,038</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">16,024</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,153</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">21,199</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">108,829</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">664,829</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">101,234</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">736,880</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">122,638</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,203,613</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(198,598</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(222,950</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(374,505</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">(3,037</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,812</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2,778</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(4,587</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,719</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,703</FONT> </TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
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    <TD>
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    <TD>
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    </TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
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    <TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD align=right> <FONT size=2 face="serif">105,792</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">462,419</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">98,456</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">509,343</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">118,919</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">825,405</FONT> </TD>
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      <HR noshade size=1>
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    <TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>
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    <TD>
      <HR noshade size=1>
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  <TR valign="bottom">
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    <TD align=right> <FONT size=2 face="serif">474,618</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,742,240</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">442,758</FONT> </TD>
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    <TD align=left> </TD>
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    <TD align=right> <FONT size=2 face="serif">624,628</FONT> </TD>
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    <TD align=left> </TD>
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    <TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD align=right> <FONT size=2 face="serif">20,134</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">(5,242</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(7</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">150,228</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">26,038</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">(2,018</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(146,266</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,182</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(178,034</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2,427</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(255,756</FONT> </TD>
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      <HR noshade size=1>
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    <TD>
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    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
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    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
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    </TD>
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    <TD align=right> <FONT size=2 face="serif">18,116</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">(151,508</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,189</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(27,806</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">23,611</FONT> </TD>
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    <TD align=left> </TD>
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    <TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD align=right> <FONT size=2 face="serif">(74,660</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,112,324</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12,119</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,215,153</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2,907</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(707,501</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">4,211</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">332,650</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,813</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">404,592</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,151</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">582,317</FONT> </TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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      <HR noshade size=1>
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  <TR valign="bottom">
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    <TD align=right> <FONT size=2 face="serif">(70,449</FONT> </TD>
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    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,444,974</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,932</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,619,745</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,244</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(125,184</FONT> </TD>
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  <TR>
    <TD>
      <HR noshade size=1>
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      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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      <HR noshade size=1>
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    <TD>
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    <TD align=right> <FONT size=2 face="serif">(52,333</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,293,466</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">13,743</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,591,939</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">25,855</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,376,124</FONT> </TD>
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    <TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
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    <TD align=right> <FONT size=2 face="serif">(69,569</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(444,894</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(64,610</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(567,995</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(73,789</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(862,005</FONT> </TD>
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  <TR valign="bottom">
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    <TD align=right> <FONT size=2 face="serif">(10,423</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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      <HR noshade size=1>
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    <TD>
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    <TD>
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    <TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>
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    <TD>
      <HR noshade size=1>
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    <TD align=right> <FONT size=2 face="serif">(79,992</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(444,894</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(64,610</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(567,995</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(73,789</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(862,005</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">342,293</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">5,590,812</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">391,891</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,347,302</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">576,694</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">8,671,682</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">39</FONT></P>

<hr noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">STATEMENTS OF CHANGES IN NET
ASSETS<br>
</FONT></B><B><FONT face="serif">For the six
months ended April 30, 2005 (unaudited), and for the
year ended October 31, 2004</FONT></B></P>
<hr noshade>

<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=43% align=left>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">Investment</FONT></B> </TD>
    <TD width=7% align=center>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">Municipal</FONT></B> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">Quality
          Municipal Trust</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">Income
          Trust</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">(BKN)</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">(BFK)</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD width="1%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="9%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="4%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="2%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="8%" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD width="2%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="7%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="5%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="1%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="9%" align="center">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2005</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2005</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Increase
          (Decrease) in Net Assets</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">&nbsp; &nbsp;Applicable
          to Common Shareholders</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Operations:</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">9,568,216</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">19,680,873</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">25,813,227</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">52,143,566</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,819,453</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2,704,080</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,455,722</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(10,849,651</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net change
        in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(4,081,773</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,851,241</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">18,028,208</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">22,183,577</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net change
        in transactions related to investment</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">violation</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">167,280</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        and distributions to preferred</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">shareholders
        from:</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,321,001</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,560,276</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,374,792</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,870,243</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gains</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        in net assets resulting from operations</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9,984,895</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">22,435,038</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">46,922,365</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">59,607,249</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Dividends
          and Distributions to Common</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">Shareholders
          from:</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(7,637,380</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(15,274,761</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(21,216,647</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(42,421,794</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gains</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        dividends and distributions</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(7,637,380</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(15,274,761</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(21,216,647</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(42,421,794</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Capital
          Share Transactions:</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Reinvestment
        of common dividends</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">519,196</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net proceeds
        from capital share transactions</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">519,196</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        increase (decrease)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,347,515</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,160,277</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">25,705,718</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">17,704,651</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Net
          Assets Applicable to</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">Common
          Shareholders</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Beginning
        of period</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">262,474,968</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">255,314,691</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">621,648,141</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">603,943,490</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">End of
        period</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">264,822,483</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">262,474,968</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">647,353,859</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">621,648,141</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13 align="left">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">End of
        period undistributed net investment income</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13,486,375</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">12,876,540</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">21,433,082</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">20,211,294</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left">
      <HR align="left" width="140" size=1 noshade>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounts
        as of December 18, 2003. See Note 7 of Notes
        to Financial Statements.</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">40</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD colspan="5"> <B><FONT size=2 face="serif">California
          Investment</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"><B><FONT size=2 face="serif">California</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">Florida
          Investment</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="5"> <B><FONT size=2 face="serif">Quality
          Municipal Trust</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">Municipal
          Income Trust</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">Quality
          Municipal Trust</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="5"> <B><FONT size=2 face="serif">(RAA)</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">(BFZ)</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">(RFA)</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="5"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="2"><B><FONT size=2 face="serif">2005</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2005</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2005</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="2%" align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=2 face="serif">373,822</FONT> </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="3%" align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">927,165</FONT> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="2%" align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=2 face="serif">8,362,204</FONT> </TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width="8%" align=right> <FONT size=2 face="serif">17,211,060</FONT> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="3%" align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=2 face="serif">474,618</FONT> </TD>
    <TD width="7%" align=left>&nbsp; </TD>
    <TD width="2%" align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD width="7%" align=right> <FONT size=2 face="serif">1,103,025</FONT> </TD>
    <TD width="3%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">109,778</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(156,595</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,281,012</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(5,325,774</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">18,116</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">146,348</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">99,984</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">48,265</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,307,995</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15,044,621</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(70,449</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(397,928</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">10,779</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">46,656</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(55,273</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(61,122</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,021,331</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,276,088</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(69,569</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(78,189</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(10,423</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(24,220</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">528,311</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">(426,605</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(853,209</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(6,840,042</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(13,680,084</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(478,661</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
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    <TD align=right> <FONT size=2 face="serif">(48,441</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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    <TD align=left> </TD>
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    <TD align=left>&nbsp; </TD>
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    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(256,301</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
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    <TD align=right> <FONT size=2 face="serif">(426,605</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(901,650</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(6,840,042</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(13,680,084</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(606,270</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(1,213,622</FONT> </TD>
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    <TD>
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    <TD>
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    <TD>
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    <TD>
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  <TR valign="bottom">

    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
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    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
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    <TD>&nbsp; </TD>
    <TD>
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    <TD>
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    </TD>
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    <TD>
      <HR noshade size=1>
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    <TD>
      <HR noshade size=1>
    </TD>
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    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
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  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">101,706</FONT> </TD>
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    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(136,884</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,527,814</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">11,973,735</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(263,977</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(417,930</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,528,568</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,665,452</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">221,370,732</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">209,396,997</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,929,090</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">17,347,020</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
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    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,630,274</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,528,568</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">228,898,546</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">221,370,732</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,665,113</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,929,090</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">265,326</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">373,382</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">6,690,794</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">6,189,963</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">415,592</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">489,204</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">41</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">STATEMENTS OF CHANGES IN NET
ASSETS (continued)<br>
</FONT></B><B><FONT face="serif">For
the six months ended April 30, 2005 (unaudited), and
for the year ended October 31, 2004</FONT></B></P>
<hr noshade>

<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=43% align=left>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">Florida</FONT></B> </TD>
    <TD width=8% align=center>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">New
          Jersey Investment</FONT></B> </TD>
    <TD width=3% align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">Municipal
          Income Trust</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">Quality
          Municipal Trust</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">(BBF)</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="5" align=center> <B><FONT size=2 face="serif">(RNJ)</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD width="2%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="9%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="4%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="2%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="7%" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD width="2%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="7%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="4%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="2%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="7%" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2005</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2005</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Increase
          (Decrease) in Net Assets</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">&nbsp; &nbsp;Applicable
          to Common Shareholders</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Operations:</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">3,742,240</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,485,885</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">442,758</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">972,804</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(151,508</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(508,174</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,189</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">159,011</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net change
        in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,444,974</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,505,389</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,932</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(357,062</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net change
        in transactions related to investment</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">violation</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders from</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net
        investment income</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(444,894</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(548,629</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(64,610</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(70,911</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        in net assets resulting from operations</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,590,812</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9,934,471</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">391,891</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">703,842</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>

    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13 align="left">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Dividends
          to Common Shareholders from:</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,005,809</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(6,011,618</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(405,746</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(811,491</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13 align="left">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        increase (decrease)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,585,003</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,922,853</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(13,855</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(107,649</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Net
          Assets Applicable to</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">Common
          Shareholders:</FONT></B>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Beginning
        of period</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">101,511,938</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">97,589,085</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,899,539</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15,007,188</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">End of
        period</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">104,096,941</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">101,511,938</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,885,684</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,899,539</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">End of
        period undistributed net investment income</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">2,685,044</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">2,393,507</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">573,264</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">600,862</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left">&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR>
    <TD colspan=13 align="left"><HR align="left" width="140" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounts
        as of December 18, 2003. See Note 7 of Notes
        to Financial Statements.</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">42</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD colspan="5"> <B><FONT size=2 face="serif">New
          Jersey</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">New
          York Investment</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">New
          York</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="5"> <B><FONT size=2 face="serif">Municipal
          Income Trust</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">Quality
          Municipal Trust</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">Municipal
          Income Trust</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="5"> <B><FONT size=2 face="serif">(BNJ)</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">(RNY)</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"> <B><FONT size=2 face="serif">(BNY)</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="5" align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="5" align=left><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="5" align=left><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="2"><B><FONT size=2 face="serif">2005</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2005</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2005</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">4,323,358</FONT> </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD width=3% align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">8,616,860</FONT> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width=9% align=right> <FONT size=2 face="serif">624,628</FONT> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=2% align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width=9% align=right> <FONT size=2 face="serif">1,259,176</FONT> </TD>
    <TD width=6% align=left>&nbsp; </TD>
    <TD width=3% align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">7,157,563</FONT> </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=2% align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">14,367,676</FONT> </TD>
    <TD width=4% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(27,806</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(815,221</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">23,611</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">70,439</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,501,308</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,277,572</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,619,745</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,352,381</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2,244</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(82,103</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(125,184</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,687,713</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4,284</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(567,995</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(623,629</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(73,789</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(92,575</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(862,005</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,058,252</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,347,302</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12,530,391</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">576,694</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,159,221</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8,671,682</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">17,719,565</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(3,341,462</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(6,682,923</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(573,487</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1,146,975</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(5,660,141</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(11,320,282</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4,005,840</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5,847,468</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,207</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12,246</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,011,541</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,399,283</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=18>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">114,019,427</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">108,171,959</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">20,065,507</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">20,053,261</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">191,273,715</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">184,874,432</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">118,025,267</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">114,019,427</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">20,068,714</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">20,065,507</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">194,285,256</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">191,273,715</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">3,642,024</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">3,228,123</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">556,966</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">584,462</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">5,456,029</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">4,820,612</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">43</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=34% align=left>&nbsp; </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font></TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=1% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=1% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=1% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=4% align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="14" align=center> <B><FONT size=2 face="serif">Year
          Ended October 31,</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align=center valign="bottom"> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"><font size="2">&nbsp;</font> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2002</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2001</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2000</FONT></B> </TD>
    <TD align=center></TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD width="4%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="6%" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.71</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.28</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.19</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.19</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.95</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.58</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.17</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.16</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.13</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>  &nbsp; &nbsp;<FONT size=2 face="serif">Net realized
        and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.10</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.26</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.26</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.75</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.43</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>  &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">from
        net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.13</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.35</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.60</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.34</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.98</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.81</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.66</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.21</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        to common shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">from
        net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.46</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.78</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Capital
        changes with respect to</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">issuance
        of:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Preferred
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.01</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.85</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.71</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.28</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.19</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.19</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.41</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.12</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.26</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.48</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.73</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">12.13</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4.99</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12.67</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">20.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1.27</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">&nbsp; &nbsp;OF
          COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.10</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">before
        fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.10</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees waived and paid</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.10</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">waived
        and paid indirectly and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">before
        preferred share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.33</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.62</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8.10</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8.18</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.60</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.94</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2.53</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">common
        shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.32</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.99</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.10</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.65</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">263,356</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">259,470</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">254,890</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">251,428</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">247,832</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">230,746</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">34</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">52</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">36</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">19</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">35</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">264,822</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">262,475</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">255,315</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">253,710</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">253,777</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">238,849</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">146,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">146,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">146,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">146,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">146,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">146,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">70,187</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">69,790</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">68,561</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">68,292</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">68,308</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">65,745</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Past performance is not a guarantee
        of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of common shareholders.</FONT></TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">44</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="35%" align=left>&nbsp; </TD>
    <TD width="3%" align=left>&nbsp; </TD>
    <TD width="10%" align=center> </TD>
    <TD width="3%" align=center>&nbsp; </TD>
    <TD width="1%" align=center> </TD>
    <TD width="7%" align=center> </TD>
    <TD width="5%" align=center>&nbsp; </TD>
    <TD width="1%" align=center>&nbsp; </TD>
    <TD width="6%" align=center> </TD>
    <TD width="4%" align=center>&nbsp; </TD>
    <TD width="1%" align=center> </TD>
    <TD width="7%" align=center> </TD>
    <TD width="4%" align=center>&nbsp; </TD>
    <TD colspan=3 align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=3 align=center nowrap> <B><FONT size=2 face="serif">For
          the period</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="8" align=center> <B><FONT size=2 face="serif">Year
          Ended October 31,</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=3 align=center nowrap> <B><FONT size=2 face="serif">July
          27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align=center valign="bottom" nowrap> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"> </TD>
    <TD colspan="8" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center"> </TD>
    <TD colspan=3 align=center valign="bottom" nowrap> &nbsp;<B><FONT size=2 face="serif">through</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> <B><FONT size=2 face="serif">2002</FONT></B>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan=3 align=center nowrap> <B><FONT size=2 face="serif">October
          31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan=2 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align="center"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.26</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.87</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13.33</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.33 </FONT><SUP></SUP> </TD>
    <TD align=left><SUP><FONT size=2 face="serif">3</FONT></SUP> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.60</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.19</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.23</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.17</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.56</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.26</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.35</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.12</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders from</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.13</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        (decrease) from investment</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.08</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.36</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.49</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.04</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.28</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        and distributions to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.49</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.97</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.95</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">In
        excess of net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        dividends and distributions</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.49</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.97</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.95</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Capital
        charges with respect to issuance of:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Common
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Preferred
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        capital charges</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.85</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.26</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13.87</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.33</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.49</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.05</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13.70</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.46</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.75</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.65</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">10.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2.40</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(1.13</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS OF</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">COMMON
          SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.82</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.84</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.61</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and before fees paid</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.82</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.84</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.62</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.22</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.23</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.25</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.23</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees waived and paid</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">indirectly
        and before preferred share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8.19</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8.44</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8.96</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8.74</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4.59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.63</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.65</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.92</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.12</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.82</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common shareholders (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">635,763</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">618,076</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">594,192</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">598,425</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">572,610</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">22</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="serif">56</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">70</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="serif">27</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders, end of</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">period
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">647,354</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">621,648</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">603,943</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">579,681</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">619,249</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding, end of</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">period
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">375,125</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">375,125</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">375,125</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">375,125</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">375,125</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">68,150</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">66,435</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">65,251</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">63,636</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">66,275</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Commencement of
        investment operations. This information includes
        the initial investment by BlackRock Funding,
        Inc.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Calculated using
        the average shares outstanding method.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Net asset value,
        beginning of period, reflects a deduction of &#36;0.675
        per share sales charge from the initial offering
        price of &#36;15.00 per share.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Total investment returns for less
        than a full year are not annualized. Past performance
        is not a guarantee of future results.</FONT> </TD>
  </TR>

  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of the common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">45</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=left>&nbsp; </TD>
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD width=5% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=5% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=5% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=5% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=4% align=center><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="14" align=center><font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font>  <B><FONT size=2 face="serif">Year
    Ended October 31,</FONT></B> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align=center valign="bottom"> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"><font size="2">&nbsp;</font> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center"><HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2002</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2001</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2000</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD width="4%" align="center">
      <HR noshade size=1>
    </TD>
    <TD width="7%" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.43</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.56</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.81</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.62</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.34</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
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    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
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    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
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    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.36</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.92</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.05</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.04</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.05</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.06</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.21</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.41</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.64</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.63</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.29</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">from
        net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.05</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.25</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.52</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.77</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.58</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.31</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.47</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.10</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
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    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
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    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
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    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        and distributions to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.85</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.80</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.79</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.82</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gains</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.42</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.05</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        dividends and distributions</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.42</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.80</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.79</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.82</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
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    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.53</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.43</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.56</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.81</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.62</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.25</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.03</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.38</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.55</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.00</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2.66</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8.78</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">11.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(9.26</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">17.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(4.33</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">ASSETS
          OF COMMON</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.35</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.35</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.40</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.41</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">before
        fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.39</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.40</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.40</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.41</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.39</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.40</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.40</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.41</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">waived
        and paid indirectly and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">before
        preferred share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.86</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.04</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.36</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.76</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.42</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.44</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.39</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.75</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">common
        shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4.41</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.95</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.73</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.27</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.65</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.61</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,570</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,553</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,752</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15,221</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15,072</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,450</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">30</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <FONT size=2 face="serif">&#151;%</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,630</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,529</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,665</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,911</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15,411</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,725</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">73,771</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">73,433</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">73,886</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">74,706</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">76,377</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">74,097</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Past performance is not a guarantee
        of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of the common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">46</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=37% align=left>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=11% align=center> </TD>
    <TD width=4% align=center>&nbsp; </TD>
    <TD width=2% align=center> </TD>
    <TD width=6% align=center> </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=5% align=center> </TD>
    <TD width=4% align=center>&nbsp; </TD>
    <TD width=2% align=center> </TD>
    <TD width=6% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD colspan=2 align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">For
          the period</FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="8" align=center> <B><FONT size=2 face="serif">Year
          Ended October 31,</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">July
          27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD width="3%" align=center>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align=center valign="bottom" nowrap> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan="2" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center"> </TD>
    <TD colspan=2 align=center valign="bottom" nowrap>&nbsp;<B><FONT size=2 face="serif">through</FONT></B> </TD>
    <TD align="center"> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2002</FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">October
          31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width=4% align=left>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.77</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.97</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.16</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.50</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.33</FONT><SUP></SUP> </TD>
    <TD align=left><SUP><FONT size=2 face="serif">3</FONT></SUP> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.56</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.15</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.12</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.11</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.16</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.47</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.65</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.34</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.46</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.32</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders from</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.12</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.96</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.71</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.70</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.53</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.47</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        and distributions to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.46</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.15</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">In
        excess of net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        dividends and distributions</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.46</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Capital
        charges with respect to issuance of:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Common
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Preferred
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        capital charges</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.27</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.77</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13.97</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.16</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.50</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.06</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.65</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13.21</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.09</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.75</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.44</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">10.58</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.92</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(5.49</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(1.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">OF
          COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.86</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.72</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and before fees paid</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.86</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.73</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.26</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.28</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.30</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.02</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly and before preferred</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">share
        dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.49</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.96</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.96</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.57</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.86</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.58</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.44</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.10</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3.68</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common shareholders (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">225,153</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">216,238</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">211,275</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">209,965</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">199,356</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="serif">34</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">44</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="serif">16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders, end of</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">period
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">228,899</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">221,371</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">209,397</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">212,215</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">216,829</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding, end of</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">period
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">131,950</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">131,950</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">131,950</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">131,950</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">131,950</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">68,373</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">66,945</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">64,675</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">65,211</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">66,086</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Commencement of
        investment operations. This information includes
        the initial investment by BlackRock Funding,
        Inc.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Calculated using
        the average shares outstanding method.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Net asset value,
        beginning of period, reflects a deduction of &#36;0.675
        per share sales charge from the initial offering
        price of &#36;15.00 per share.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Total investment returns for less
        than a full year are not annualized. Past performance
        is not a guarantee of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">47</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=left>&nbsp; </TD>
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD width=4% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=4% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=1% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=4% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=1% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=4% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=4% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan=4 align=center> <B><FONT size=2 face="serif">Year
          Ended October 31,</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align=center valign="bottom"> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"><font size="2">&nbsp;</font> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2002</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2001</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2000</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="9%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.02</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.39</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.65</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.50</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.65</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.29</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.41</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.98</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.04</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.05</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.03</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.07</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.04</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.18</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.39</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.02</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.86</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.40</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        and distributions to</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">preferred
        shareholders:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gains</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.02</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.71</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.57</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.96</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.65</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.16</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        and distributions to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.42</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.85</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.80</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.80</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized gains</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.23</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        dividends and distributions</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.53</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.80</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.80</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.79</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.02</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.39</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.65</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.50</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.65</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.47</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.50</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.36</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.13</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3.77</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.32</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.52</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.52</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15.65</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9.00</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">&nbsp; &nbsp;OF
          COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.28</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.27</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.22</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and before</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">fees
        paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.22</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.22</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">paid
        indirectly and before preferred</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">share
        dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.73</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.48</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.69</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.76</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.48</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.84</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.46</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.51</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.69</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.58</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2.18</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">common
        shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.02</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.18</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.25</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.30</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,717</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">17,035</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">17,561</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">17,427</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">17,046</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">16,167</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">13</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT></TD>
    <TD align=left><FONT size=2 face="serif">%</FONT> </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,665</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">16,929</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">17,347</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">17,639</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">17,472</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">16,509</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">8,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">8,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">8,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">8,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">8,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">74,019</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">74,795</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">76,021</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">76,886</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">76,397</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">73,570</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Past performance is not a guarantee
        of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">48</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=37% align=left>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=9% align=center> </TD>
    <TD width=4% align=center>&nbsp; </TD>
    <TD width=2% align=center> </TD>
    <TD width=6% align=center> </TD>
    <TD width=4% align=center>&nbsp; </TD>
    <TD width=1% align=center> </TD>
    <TD width=7% align=center> </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=2% align=center> </TD>
    <TD width=6% align=center> </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD colspan="2" align=center></TD>
    <TD width=5% align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">For
          the period</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="8" align=center> <B><FONT size=2 face="serif">Year
          Ended October 31,</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">July
          27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align="center" nowrap> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan="2" align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center"> </TD>
    <TD colspan="2" align=center valign="bottom" nowrap> <B><FONT size=2 face="serif">through</FONT></B> </TD>
    <TD align="center"> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2002</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">October
          31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width="3%" align=left> </TD>
    <TD width="7%" align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.27</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.68</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.57</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.37</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.33</FONT><SUP></SUP> </TD>
    <TD align=left><SUP><FONT size=2 face="serif">3</FONT></SUP> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.56</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.12</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.11</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.07</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.17</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.35</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.45</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.13</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.18</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders from</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.12</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.84</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.49</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.00</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.08</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.34</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        to common shareholders from</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.45</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Capital
        charges with respect to issuance of:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Common
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Preferred
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        capital charges</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.66</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.27</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.68</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.57</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.37</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.80</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.40</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.36</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.65</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.50</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.98</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">15.04</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4.30</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2.84</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">&nbsp; &nbsp;OF
          COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.94</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.96</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and before fees</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.92</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.95</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.98</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.32</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.35</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.38</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly and before preferred</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">share
        dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.35</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.49</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.50</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4.43</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.55</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.53</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.82</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.48</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.94</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.97</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.77</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">102,645</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">100,002</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">98,081</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">93,558</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">87,918</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;%</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">10</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">19</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">35</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">28</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">104,097</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">101,512</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">97,589</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">96,816</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">95,123</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">57,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">57,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">57,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">57,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">57,550</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">70,227</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">69,101</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">67,394</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">67,060</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">66,323</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Commencement of
        investment operations. This information includes
        the initial investment by BlackRock Funding,
        Inc.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Calculated using
        the average shares outstanding method.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Net asset value,
        beginning of period, reflects a deduction of &#36;0.675
        per share sales charge from the initial offering
        price of &#36;15.00 per share.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Total investment returns for less
        than a full year are not annualized. Past performance
        is not a guarantee of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of the common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market value data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">49</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS </FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=31% align=left>&nbsp; </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=4% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=5% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="14" align=center><font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font>  <B><FONT size=2 face="serif">Year
    Ended October 31,</FONT></B> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align="center"><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"><font size="2">&nbsp;</font> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2002</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2001</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2000</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.79</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.90</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.64</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.85</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.96</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.52</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.43</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.97</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.00</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.02</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.96</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.01</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.02</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.12</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.39</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.43</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">from
        net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.27</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.39</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.70</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.06</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.54</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.62</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.17</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        to common shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">from
        net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.40</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.80</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.75</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.73</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.73</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.78</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.79</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.90</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.64</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.85</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.96</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.50</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.00</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.80</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.30</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.75</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">12.13</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.63</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">17.59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">2.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">19.63</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">&nbsp; &nbsp;OF
          COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.33</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.34</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.39</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.54</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.32</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">before
        fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.39</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.54</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.32</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees waived</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">and
        paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.39</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.54</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.32</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">fees
        waived and paid</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">indirectly
        and before preferred</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">share
        dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.99</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.50</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.72</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.64</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.44</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.47</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.41</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.61</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.47</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.98</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">to
        common shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.12</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.32</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.46</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,909</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,974</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,975</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,791</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,570</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13,696</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">23</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14,886</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,900</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15,007</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,747</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,958</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14,059</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">7,500</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">74,626</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">74,670</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">75,026</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">74,159</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">74,862</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">71,879</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Past performance is not a guarantee
        of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of the common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">50</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=36% align=left>&nbsp; </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=8% align=center> </TD>
    <TD width=4% align=center>&nbsp; </TD>
    <TD width=2% align=center> </TD>
    <TD width=6% align=center> </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=5% align=center> </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=2% align=center> </TD>
    <TD width=6% align=center> </TD>
    <TD width=4% align=center>&nbsp; </TD>
    <TD colspan=2 align=center>&nbsp;</TD>
    <TD width=4% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">For
          the period</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="8" align=center> <B><FONT size=2 face="serif">Year
          Ended October 31,</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">July
          27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align="center" nowrap> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center"> </TD>
    <TD colspan=2 align=center valign="bottom" nowrap> <B><FONT size=2 face="serif">through</FONT></B> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2002</FONT></B>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">October
          31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="right">
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width=6% align=left>&nbsp; </TD>
    <TD width=5% align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.38</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.59</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.29</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.26</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.33</FONT></TD>
    <TD align=left><FONT size=2 face="serif">&nbsp; </FONT><SUP><FONT size=2 face="serif">3</FONT></SUP> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.59</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.16</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.15</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.10</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.14</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.48</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.61</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.11</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.10</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders from</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.12</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.99</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.69</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.18</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.91</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.23</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        and distributions to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.45</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.13</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">In
        excess of net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        dividends and distributions</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.45</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Capital
        charges with respect to issuance of:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Common
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Preferred
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        capital charges</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.92</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.38</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.59</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.29</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.26</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.62</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.45</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.04</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.64</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.84</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4.34</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">9.63</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9.59</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2.25</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.56</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">&nbsp; &nbsp;OF
          COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and before fees</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.91</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.94</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.97</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.84</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.28</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.30</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.34</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.12</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees waived</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">and paid
        indirectly and before preferred</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">share
        dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.51</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.74</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.85</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3.67</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.99</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.56</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.57</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.52</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.18</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.28</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3.30</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">116,038</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">111,263</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">107,900</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">104,241</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">97,050</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="serif">13</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">50</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">118,025</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">114,019</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">108,172</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">105,985</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
    <TD align=right><FONT size=2 face="serif">105,089</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">63,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">63,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">63,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">63,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">63,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">71,252</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">69,682</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">67,387</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">66,538</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">66,187</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Commencement of
        investment operations. This information includes
        the initial investment by BlackRock Funding,
        Inc.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Calculated using
        the average shares outstanding method.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Net asset value,
        beginning of period, reflects a deduction of &#36;0.675
        per share sales charge from the initial offering
        price of &#36;15.00 per share.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Total investment returns for less
        than a full year are not annualized. Past performance
        is not a guarantee of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of the common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">51</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT></B></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=30% align=left>&nbsp; </TD>
    <TD width=5% align=center>&nbsp; </TD>
    <TD width=6% align=center>&nbsp;</TD>
    <TD width=4% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=center><font size="2">&nbsp;</font> </TD>
    <TD width=3% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="14" align=center><font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font>  <B><FONT size=2 face="serif">Year
    Ended October 31,</FONT></B> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align="center"> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"><font size="2">&nbsp;</font> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2002</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2001</FONT></B> </TD>
    <TD align=center><font size="2">&nbsp;</font> </TD>
    <TD colspan="2" align=center><font size="2">&nbsp;</font> <B><FONT size=2 face="serif">2000</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of year</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.35</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.34</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.47</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.28</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.55</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.11</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.48</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.96</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.03</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.06</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.06</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.08</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.02</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.06</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.70</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.44</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">from
        net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.26</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.44</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.89</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.75</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.03</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.55</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.26</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        to common shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">from
        net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.44</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.84</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.82</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.82</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR align="right">
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of year</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.35</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.35</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.34</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.47</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.28</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.55</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of year</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.07</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.50</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.18</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.40</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.20</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">12.63</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.05</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">8.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">4.69</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.42</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">19.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(1.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">&nbsp; &nbsp;OF
          COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.20</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">before
        fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.17</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.21</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">waived
        and paid indirectly and</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">before
        preferred share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.31</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.68</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.97</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.63</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.75</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.46</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.44</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.60</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.40</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">common
        shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.56</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.83</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.24</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.66</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">5.81</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders
        (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">19,972</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">20,019</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">20,158</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">19,915</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">19,663</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">18,523</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">23</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">36</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT></TD>
    <TD align=left><FONT size=2 face="serif">%</FONT> </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">22</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">20,069</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">20,066</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">20,053</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">20,222</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">19,973</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">19,016</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">9,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">9,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">9,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">9,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">9,800</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">76,205</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">76,195</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">76,159</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">76,590</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">75,955</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">73,516</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Past performance is not a guarantee
        of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of the common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">52</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=36% align=left>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=11% align=center> </TD>
    <TD width=5% align=center>&nbsp; </TD>
    <TD width=2% align=center> </TD>
    <TD width=6% align=center> </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=6% align=center> </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD width=1% align=center> </TD>
    <TD width=8% align=center> </TD>
    <TD width=3% align=center>&nbsp; </TD>
    <TD colspan=2 align=center>&nbsp;</TD>
    <TD width=3% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">For
          the period</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">Six
          Months Ended</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="8" align=center> <B><FONT size=2 face="serif">Year
          Ended October 31,</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center nowrap> <B><FONT size=2 face="serif">July
          27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="2" align="center" nowrap> <B><FONT size=2 face="serif">April
          30, 2005</FONT></B> </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD colspan=4 align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center"><HR noshade size=1>
    </TD>
    <TD align="center"> </TD>
    <TD colspan=2 align=center valign="bottom" nowrap> &nbsp;<B><FONT size=2 face="serif">through</FONT></B> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">(unaudited)</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan=2 align=center> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
    <TD align=center>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=2 face="serif">2002</FONT></B>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=2 face="serif">October
          31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">PER
          COMMON SHARE OPERATING</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD width=3% align=left>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, beginning of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.28</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.76</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.47</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.09</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.33</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">&nbsp; </FONT><SUP><FONT size=2 face="serif">3</FONT></SUP> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Investment
        operations:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.57</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.14</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.14</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.09</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.15</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        realized and unrealized gain (loss)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.19</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.36</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.13</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.29</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        to preferred shareholders from</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.07</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.08</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.13</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.01</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net increase
        from investment operations</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.69</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.42</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.18</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.25</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.06</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Dividends
        and distributions to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net
        investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.45</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">In
        excess of net investment income</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.02</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        dividends and distributions</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.45</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.16</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Capital
        charges with respect to issuance of:</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Common
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Preferred
        shares</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Total
        capital charges</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(0.14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net asset
        value, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15.52</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">15.28</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.76</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">14.47</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.09</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Market
        price, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.52</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.99</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">13.45</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">13.42</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">14.62</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">TOTAL
          INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.09</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">10.99</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.95</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">(2.25</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(5.58</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">RATIOS
          TO AVERAGE NET ASSETS OF</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">COMMON
          SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.88</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.73</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        after fees waived and before fees</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">paid
        indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.89</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.92</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.74</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Expenses
        before fees waived and paid indirectly</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.26</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.27</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.29</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1.33</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1.03</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income after fees waived</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">and
        paid indirectly and before preferred</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">share
        dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.50</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.62</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.73</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.87</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        share dividends</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.90</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.56</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.62</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">0.93</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">0.37</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net investment
        income available to common</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">shareholders</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6.60</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7.06</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7.11</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6.94</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3.56</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">SUPPLEMENTAL
          DATA:</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Average
        net assets of common shareholders (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">192,337</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">188,746</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">183,648</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">173,885</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">163,077</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Portfolio
        turnover</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">13</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="serif">14</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">57</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="serif">2</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Net assets
        of common shareholders,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">194,285</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">191,274</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">184,874</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">181,200</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">175,110</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Preferred
        shares value outstanding,</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">end
        of period (000)</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">109,750</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">109,750</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">109,750</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">109,750</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">109,750</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Asset
        coverage per preferred share, end of period</FONT>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">69,263</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">68,575</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">67,115</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">66,279</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">64,894</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Commencement of
        investment operations. This information includes
        the initial investment by BlackRock Funding,
        Inc.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Calculated using
        the average shares outstanding method.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Net asset value,
        beginning of period, reflects a deduction of &#36;0.675
        per share sales charge from the initial offering
        price of &#36;15.00 per share.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Total investment
        return is calculated assuming a purchase of
        a common share at the current market price
        on the first day and a sale at the current
        market price on the last day of each period
        reported. Dividends and distributions, if any,
        are assumed for purposes of this calculation,
        to be reinvested at prices obtained under the
        Trust&#146;s dividend reinvestment plan. Total
        investment returns do not reflect brokerage
        commissions. Total investment returns for less
        than a full year are not annualized. Past performance
        is not a guarantee of future results.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Ratios are calculated
        on the basis of income and expenses applicable
        to both the common and preferred shares relative
        to the average net assets of the common shareholders.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=1 face="serif">Annualized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">53</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=4 face="serif">NOTES TO FINANCIAL STATEMENTS (unaudited)</FONT></B></P>
<hr noshade>
<P>
<B><FONT face="serif">Note 1. Organization &amp; Accounting
Policies </font></b><font size=2 face="serif"></font><FONT size=2 face="serif">BlackRock
Investment Quality Municipal Trust Inc. (&#147;Municipal
Investment Quality&#148;) was organized as a Maryland
corporation on November 19, 1992. BlackRock California
Investment Quality Municipal Trust Inc.</FONT>&nbsp;&nbsp;<FONT size=2 face="serif">(&#147;California
Investment Quality&#148;), BlackRock New Jersey Investment
Quality Municipal Trust Inc. (&#147;New Jersey Investment
Quality&#148;) and BlackRock New York Investment Quality
 Municipal Trust Inc. (&#147;New York Investment Quality&#148;)
 were organized as Maryland corporations on April 12,
 1993. BlackRock Florida Investment Quality Municipal
 Trust (&#147;Florida Investment Quality&#148;) was
 organized as a Massachusetts  business trust on April
 15, 1993. BlackRock Municipal Income Trust (&#147;Municipal
 Income&#148;), BlackRock California Municipal Income
 Trust (&#147;California Income&#148;), BlackRock Florida
 Municipal Income Trust (&#147;Florida Income&#148;),
  BlackRock New Jersey Municipal Income Trust (&#147;New
  Jersey Income&#148;) and BlackRock New York Municipal
  Income Trust (&#147;New York Income&#148;) (collectively
  the &#147;Income Trusts&#148;) were organized as
  Delaware statuatory trusts on  March 30, 2001. Municipal
  Investment Quality and Municipal Income are registered
  as diversified, closed-end management investment
  companies under the Investment Company Act of 1940,
  as amended. California Investment Quality, California
  Income,  Florida Investment Quality, Florida Income,
  New Jersey Investment Quality, New Jersey Income,
  New York Investment Quality and New York Income are
  registered as non-diversified, closed-end management
  investment companies under the Investment Company
   Act of 1940, as amended. Municipal Investment Quality,
  California Investment Quality, Florida Investment
  Quality, New Jersey Investment Quality and New York
  Investment Quality are herein referred to as the
  Investment Quality Trusts. The ability of  issuers
  of debt securities held by each Trust to meet their
  obligations may be affected by economic developments
  in a state, a specific industry or region. The following
  is a summary of significant accounting policies followed
by the  Trusts.</FONT></P>
<P>
<B><FONT size=2 face="serif">Investments Valuation: </FONT></B><FONT size=2 face="serif">Municipal investments (including commitments to purchase such investments on a &#147;when-issued&#148; basis) are valued on the basis of prices provided by
dealers or pricing services selected under the supervision of each Trust&#146;s Board of Trustees or Board of Directors, as the case may be (each, a &#147;Board&#148;). In determining the value of a particular investment, pricing services may use
certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. A futures contract is valued at the last sale price as
of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value. Any investments or other assets for which such current
market quotations are not readily available are valued at fair value (&#147;Fair Value Assets&#148;) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust&#146;s Board. The
investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations.
The pricing of all Fair Value Assets shall be subsequently reported to and ratified by the relevant Board.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current
sale of that asset in an arm&#146;s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.</FONT></P>
<P>
<B><FONT size=2 face="serif">Investment Transactions and Investment Income: </FONT></B><FONT size=2 face="serif">Investment transactions are recorded on trade date. Realized and unrealized gains and losses are calculated on the identified cost
basis. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method.</FONT></P>
<P>
<B><FONT size=2 face="serif">Financial Futures Contracts: </FONT></B><FONT size=2 face="serif">A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits
are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by &#147;marking-to-market&#148; on
a daily basis to reflect the market value of the contract at the end of each day&#146;s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust
records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust&#146;s basis in the contract. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In
the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest
rates do not change the duration of the portfolio unexpectedly.</FONT></P>
<P>
<B><FONT size=2 face="serif">Segregation: </FONT></B><FONT size=2 face="serif">In cases in which the Investment Company Act of 1940, as amended, and the interpretive positions of the Securities and Exchange Commission (the &#147;Commission&#148;)
require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the
Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.</FONT></P>
<P>
<B><FONT size=2 face="serif">Federal Income Taxes: </FONT></B><FONT size=2 face="serif">It is each Trust&#146;s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net
income to shareholders. For this reason and because substantially all of the gross income of each Trust consists of tax-exempt interest, no Federal income tax provisions are required.</FONT></P>
<P>
<B><FONT size=2 face="serif">Dividends and Distributions: </FONT></B><FONT size=2 face="serif">Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains
and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions
are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in
Note 4.</FONT></P>
<P>
<B><FONT size=2 face="serif">Estimates: </FONT></B><FONT size=2 face="serif">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.</FONT></P>
<P align="center">
<FONT size=2 face="serif">54</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: </FONT></B><FONT size=2 face="serif">Under the deferred compensation plan approved by each Trust&#146;s Board, non-interested
Trustees/Directors (&#147;Trustees&#148;) are required to 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 other
BlackRock closed-end trusts selected by the Trustees. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts in such Trusts.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in
common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations.</FONT></P>
<P>
<B><FONT face="serif">Note 2. Agreements </FONT></B><FONT size=2 face="serif">Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the &#147;Advisor&#148;), which is a wholly owned subsidiary of BlackRock, Inc. BlackRock
Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the Income Trusts. BlackRock, Inc. is an indirect, majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management
Agreement for each Income Trust covers both investment advisory and administration services. Each Investment Quality Trust has an Administration Agreement with the Advisor.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Trust&#146;s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the Investment Quality Trusts and 0.60% for the Income
Trusts, of the Trust&#146;s average weekly managed assets. &#147;Managed assets&#148; means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other
than debt or preferred shares representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Income Trusts as a percentage of managed assets as follows: 0.25% for the
first five years of each of the Trust&#146;s operations, 0.20% in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the
Advisor, occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which may include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support and
compliance services to each Trust. For the six months ended April 30, 2005, the Trusts reimbursed the Advisor the following amounts:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=32% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=28% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=11%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
        </TD>
  </TR>
<TR>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,236</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,376</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">485</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">480</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,479</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,853</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">657</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">572</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,944</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the terms of each Trust&#146;s custody agreement, each Trust received earning credits from its custodian for positive cash balances maintained, which are used to offset custody
fees.</FONT></P>
<P> <B><FONT face="serif">Note 3. Portfolio Securities</FONT></B> <FONT size=2 face="serif">Purchases
    and sales of investment securities, other than
    short-term investments and U.S. government</FONT>&nbsp;<FONT size=2 face="serif">securities,
    for the six months ended April 30, 2005, were as
follows:</FONT>&nbsp; </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="26%" align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD colspan="2" align="center">
<B><FONT size=2 face="serif">Purchases</FONT></B>&nbsp;
        </TD>
        <TD width=5% align="center">&nbsp;
        </TD>
        <TD colspan="2" align="center">
<B><FONT size=2 face="serif">Sales</FONT></B>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=23% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan="2" align="center">
<B><FONT size=2 face="serif">Purchases</FONT></B>&nbsp; </TD>
        <TD width="5%" align="center">&nbsp;
        </TD>
        <TD colspan="2" align="center">
<B><FONT size=2 face="serif">Sales</FONT></B>&nbsp;
        </TD>
  </TR>
<TR>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>       </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD width="1%"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="8%" align=right>
<FONT size=2 face="serif">138,112,872</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="2%"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="7%" align=right>
<FONT size=2 face="serif">134,598,911</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="1%"><FONT size=2 face="serif">&#36;</FONT></TD>
        <TD width="8%" align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="2%"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="7%" align=right>
<FONT size=2 face="serif">5,228,734</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">210,049,156</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">245,689,373</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="serif">1,952,211</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,226,185</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">514,980</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,265,918</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="serif">8,160,180</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,168,221</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">39,801,790</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">40,709,311</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="serif">2,893,215</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">504,077</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,264,043</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">507,982</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="serif">25,085,588</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">35,186,660</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<p>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There were no purchases
    or sales of U.S. government securities.</FONT>&nbsp; <BR>
</p>
<P align="center">
<FONT size=2 face="serif">55</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<FONT size=2 face="serif">Details of open financial futures contracts at April 30, 2005 were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=21% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">Number of</FONT></B>&nbsp;
        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=13% align=center>&nbsp;

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD colspan=2 align=center>
<B><FONT size=2 face="serif">Expiration</FONT></B>&nbsp;
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=2% colspan="2" align="center">
<B><FONT size=2 face="serif">Value at Trade</FONT></B>&nbsp;
        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=1% colspan="2" align="center">
<B><FONT size=2 face="serif">Value at</FONT></B>&nbsp;
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=9% align=center>
<B><FONT size=2 face="serif">Unrealized</FONT></B>
        </TD>
        <TD width=4% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Contracts</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Type</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan=2 align=center> <B><FONT size=2 face="serif">Date</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD width="2%" colspan="2" align="center">
<B><FONT size=2 face="serif">Date</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD width="1%" colspan="2" align="center">
<B><FONT size=2 face="serif">April 30, 2005</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align="center">
      <B><FONT size=2 face="serif">Depreciation</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan=2>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
        <TD>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Short Positions:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="9%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">669</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align="right"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">73,831,748</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align="right"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">74,541,234</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(709,486</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,433</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">268,509,908</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">271,089,422</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(2,579,514</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">331,017</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">334,265</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(3,248</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">902</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">99,546,181</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100,502,532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(956,351</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">441,492</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">445,688</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(4,196</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">343</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">37,853,884</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">38,217,703</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(363,819</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">331,017</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">334,265</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(3,248</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">417</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">46,020,611</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">46,462,922</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(442,311</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">551,825</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">557,109</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(5,284</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">June</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#146;</FONT>
<FONT size=2 face="serif">05</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">66,217,003</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">66,853,125</FONT>&nbsp;
        </TD>
        <TD colspan="2">&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">(636,122</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At April 30, 2005, the total cost of securities for Federal income tax purposes and aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as
follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=31% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD colspan="2">
<B><FONT size=2 face="serif">Cost</FONT></B>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="2">
<B><FONT size=2 face="serif">Appreciation</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2">
<B><FONT size=2 face="serif">Depreciation</FONT></B>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="2">
<B><FONT size=2 face="serif">Net</FONT></B>&nbsp;
        </TD>
  </TR>
<TR>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD width="3%" align="right"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="10%" align=center>
<FONT size=2 face="serif">387,441,607</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>

        <TD width="6%" align="right"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="7%" align=right>
<FONT size=2 face="serif">25,736,311</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="5%" align="right"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="7%" align=right>
<FONT size=2 face="serif">1,174,368</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="5%" align="right"><FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="10%" align=right>
<FONT size=2 face="serif">26,910,679</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">953,955,908</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">46,869,761</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,371,378</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">54,241,139</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">20,527,506</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">952,412</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">952,412</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">337,636,233</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,107,106</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">270,460</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,377,566</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">23,259,525</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,213,803</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,213,803</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">150,490,493</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,210,069</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">520,866</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,730,935</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">20,787,403</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,096,536</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">94,180</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,190,716</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">167,224,975</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,658,543</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,658,543</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">27,665,809</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,808,086</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,808,086</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">300,652,612</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,776,368</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,310</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,791,678</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2004, the Trusts&#146; last tax year-end except for New York Income which had its last tax
year-end at July 31, 2004. These amounts may be used to offset future realized capital gains, if any:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=21% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Capital Loss</FONT></B>&nbsp;
        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>&nbsp;

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
        <TD width=8% align="left">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Capital Loss</FONT></B>&nbsp;
        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Carryforward</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="left">&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align="left">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Carryforward</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Amounts</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Expires</FONT></B>&nbsp;
        </TD>
        <TD align="left">&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD align="left">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Amounts</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Expires</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD width="2%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,081,536</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2012</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,204,636</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2012</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,870,542</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2011</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">210,077</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2010</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">324,268</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,414,713</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">133,706</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2009</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,068,444</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2008</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">57,410</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2008</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">312,281</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2007</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
  <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,662,124</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2012</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,790,777</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">28,207</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2011</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,767,389</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2012</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">615,438</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2010</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">21,749,554</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2011</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">49,975</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2009</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,055,804</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
  <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,355,744</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">526,271</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2009</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">53,099,018</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,511</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2008</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
  <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">485,438</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2012</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">129,669</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2012</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,021,656</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2011</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,943,577</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2012</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">68,166</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2010</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">124,338</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2011</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
  <FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,575,260</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">

<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,398,646</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">2010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,466,561</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its capital loss carryforward
amounts.</FONT></P>
<P align="center">
<FONT size=2 face="serif">56</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">Note 4. Distributions to
Shareholders</FONT></B>&nbsp;<FONT size=2 face="serif">The tax character of distributions
paid during the six months ended April 30, 2005 and
the year ended October 31, 2004, were as
follows:</FONT>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=23% align=left>&nbsp; </TD>
    <TD width=4%>&nbsp; </TD>
    <TD colspan=6 align=left>&nbsp;</TD>
    <TD width=12% align=left>&nbsp; </TD>
    <TD width=11%>&nbsp; </TD>
    <TD width=2% align=left> </TD>
    <TD width=16% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=3%>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD colspan=7 align=center> <B><FONT size=2 face="serif">Six
          months ended April 30, 2005</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD colspan=7>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD width=15% align=center>&nbsp; </TD>
    <TD width=7% align="center">&nbsp; </TD>
    <TD colspan=2 align=center> <B><FONT size=2 face="serif">Long-term</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Distributions
          Paid From:</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <B><FONT size=2 face="serif">Tax-exempt
          Income</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan=2 align=center> <B><FONT size=2 face="serif">Capital
          Gains</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center> </TD>
    <TD align=center> <B><FONT size=2 face="serif">Total
          Distributions</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <FONT size=2 face="serif">Municipal
        Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">8,958,381</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width=1% align=right><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">8,958,381</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Municipal
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">24,591,439</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">24,591,439</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <FONT size=2 face="serif">California
        Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">481,878</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">481,878</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">California
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,861,373</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,861,373</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Florida
        Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">548,230</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=right> <FONT size=2 face="serif">138,032</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">686,262</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Florida
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,450,703</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,450,703</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <FONT size=2 face="serif">New
        Jersey Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">470,356</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">470,356</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">New Jersey
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,909,457</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">3,909,457</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <FONT size=2 face="serif">New
        York Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">647,276</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">647,276</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">New York
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,522,146</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,522,146</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=12>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD colspan=7 align=center> <B><FONT size=2 face="serif">Year
          ended October 31, 2004</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD colspan=7>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=right> <B><FONT size=2 face="serif">Long-term</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="serif">Distributions
          Paid From:</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <B><FONT size=2 face="serif">Tax-exempt
          Income</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=right> <B><FONT size=2 face="serif">Capital
          Gains</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=center> <B><FONT size=2 face="serif">Total
          Distributions</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <FONT size=2 face="serif">Municipal
        Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">16,835,037</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">16,835,037</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Municipal
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">46,292,037</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">46,292,037</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <FONT size=2 face="serif">California
        Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">914,331</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">52,167</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">966,498</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">California
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,956,172</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">14,956,172</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Florida
        Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,035,510</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=right> <FONT size=2 face="serif">280,521</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,316,031</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Florida
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,560,247</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">6,560,247</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <FONT size=2 face="serif">New
        Jersey Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">882,402</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">882,402</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">New Jersey
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,306,552</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">7,306,552</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <FONT size=2 face="serif">New
        York Investment Quality</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,239,550</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">1,239,550</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">New York
        Income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12,378,534</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=right> <FONT size=2 face="serif">12,378,534</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">As of April 30, 2005, the estimated components of distributable earnings on a tax basis were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=26% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=14% align=center>&nbsp;

        </TD>
        <TD width=4% align="center">&nbsp;
        </TD>
        <TD width=3% align=center>&nbsp;

        </TD>
        <TD width=10% align=center>&nbsp;

        </TD>
        <TD width=5% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Undistributed</FONT></B>&nbsp;
        </TD>
        <TD width=8% align="center">&nbsp;
        </TD>
        <TD width=3% align=center>

        </TD>
        <TD width=10% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Undistributed</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Undistributed</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Long-term</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Unrealized</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>

        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Tax-exempt Income</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Ordinary Income</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Gains</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Net Appreciation</FONT></B>&nbsp;
        </TD>
  </TR>
<TR>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="3%">
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,318,689</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,201,192</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">24,995,653</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">51,661,625</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">346,929</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">949,164</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,862,420</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,421,216</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">502,134</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">878</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">21,435</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,209,608</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,213,665</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,367,116</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">647,675</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,187,468</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,180,215</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,216,233</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">666,221</FONT>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,408</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,802,803</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,457,735</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,155,556</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT face="serif">Note 5. Capital </FONT></B><FONT size=2 face="serif">There are 200 million of &#36;0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of &#36;0.001 par value common
shares authorized for the Income Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At April 30, 2005, the common shares outstanding and the shares owned by affiliates of the Advisor
of each Trust were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=11% align=center>
<B><FONT size=2 face="serif">Common</FONT></B>&nbsp;
        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">Common</FONT></B>&nbsp;
        </TD>
        <TD width=5% align="center">&nbsp;
        </TD>
        <TD width=19% align=center>&nbsp;

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=9% align=center>
<B><FONT size=2 face="serif">Common</FONT></B>&nbsp;
        </TD>
        <TD width=6% align="center">&nbsp;
        </TD>
        <TD width=13% align=center>
<B><FONT size=2 face="serif">Common</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Outstanding</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;

        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Outstanding</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">16,707,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,646,343</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">43,588,385</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,007,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,007,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,414,793</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,985,501</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,307,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,127,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,521,494</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There were no transactions in common shares of beneficial interest for the six months ended April 30, 2005. During the year ended October 31, 2004, Municipal Income issued 35,706 additional
shares under its dividend reinvestment plan.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of April 30, 2005, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of &#36;25,000 per share
plus any accumulated unpaid dividends.</FONT></P>
<P align="center">
<FONT size=2 face="serif">57</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=22% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
        </TD>
        <TD width=11%>&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,262</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">340</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">T28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,302</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,001</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,001</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,552</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,001</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">392</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,001</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,195</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,001</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,195</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,639</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,639</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends on seven-day preferred shares are cumulative at a rate which resets every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate
which resets every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the six months ended April 30, 2005 were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% colspan="2" align=center>
<B><FONT size=2 face="serif">Low</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% colspan="2" align=center>
<B><FONT size=2 face="serif">High</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=30% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% colspan="2" align=center>
<B><FONT size=2 face="serif">Low</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% colspan="2" align=center>
<B><FONT size=2 face="serif">High</FONT></B>
        </TD>
  </TR>
<TR>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD width="4%">
<HR noshade size=1>
        </TD>
        <TD width="3%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="3%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD width="4%">
<HR noshade size=1>
        </TD>
        <TD width="3%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1.40</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2.40</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.40</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2.50</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1.25</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2.82</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1.20</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2.51</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.75</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1.90</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1.30</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2.71</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.50</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2.45</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.60</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2.53</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.60</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3.10</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.75</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2.69</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with
respect to the outstanding preferred shares would be less than 200%.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at &#36;25,000 per share plus any accumulated or unpaid dividends whether or
not declared. The preferred shares are also subject to mandatory redemption at &#36;25,000 per share plus any accumulated or 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 Trust&#146;s Declaration of Trust, are not satisfied.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 as a single class. However,
holders of preferred shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the Investment Company Act of 1940, as amended, 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&#146;s subclassification as a closed-end investment company or change its fundamental investment restrictions and (c) change its business so as to cease to be an investment company.</FONT></P>
<P>
<B><FONT face="serif">Note 6. Dividends </FONT></B><FONT size=2 face="serif">Subsequent to April 30, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2005, to shareholders of record on May
15, 2005. The per share common dividends declared were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% colspan="2" align=center>
<B><FONT size=2 face="serif">Common Dividend</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=25% align=left>&nbsp;

        </TD>
        <TD width=13%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Common Dividend</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="1%" colspan="2" align=center>
<B><FONT size=2 face="serif">Per Share</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Per Share</FONT></B>&nbsp;
        </TD>
  </TR>
<TR>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="13%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="11%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=center>
<FONT size=2 face="serif">0.076189</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">0.075375</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">0.081125</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.067148</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">0.070600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.075108</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">0.076074</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.073125</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">0.070781</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">0.075339</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The dividends declared on preferred shares for the period May 1, 2005 to May 31, 2005 for each of the Trusts were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=23% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Dividends</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=22% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
        <TD width=13%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Dividends</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Declared</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Declared</FONT></B>&nbsp;  </TD>
  </TR>
<TR>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="3%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
      <HR align="left" width="40" size=1 noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=center>
<FONT size=2 face="serif">166,558</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,445</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">T28</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">142,116</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">122,259</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Municipal Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">M7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">198,366</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,181</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">155,512</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">123,313</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">152,601</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">23,336</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">157,673</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">87,559</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">170,877</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">F7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=2 face="serif">126,827</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">W7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">10,968</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">T7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">97,933</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">R7</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
<FONT size=2 face="serif">99,068</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">58</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">Note 7. Reimbursements&nbsp;</FONT></B><FONT size=2 face="serif"> In
December of 2003, the Advisor determined that each
of the Municipal Investment Quality, California </FONT><B></B><FONT size=2
face="serif">Investment Quality, Florida Investment
Quality, New Jersey Investment Quality and New York
Investment Quality had purchased high yield bonds in
violation of a non-fundamental investment policy requiring
their investments to be of  investment grade quality
at the time of purchase. The Advisor has reimbursed
each of the Trusts for the realized and unrealized
losses incurred from the date of purchase through December
18, 2003, as a result of these unauthorized purchases.
The net  realized and unrealized gains on these securities
as of December 18, 2003 was &#36;167,280.00 for Municipal
Investment Quality, &#36;10,779.26 for California Investment
Quality, &#36;46,655.67 for Florida Investment Quality
and &#36;4,284.00 for New
York Investment Quality. The amount of the reimbursement
for the unrealized losses was &#36;18,420.76 for California
Investment Quality, &#36;86,481.10 for New Jersey Investment
Quality and &#36;3,690.00 for New York Investment Quality.
Such amounts  have been reflected in the accompanying
financial statements for the year ended October 31,
2004.</FONT></P>
<P>
<B><FONT face="serif">Note 8. Investment Policy</FONT></B><FONT size=2 face="serif">&nbsp; On
December 18, 2003, the Board approved a resolution
for each of the Municipal Investment Quality, </FONT><B></B><FONT size=2
face="serif">California Investment Quality, Florida
Investment Quality, New Jersey Investment Quality and
New York Investment Quality whereby each such Trust
adopted a non-fundamental investment policy permitting
each Trust to invest up to 20% of  its managed assets,
measured at the time of purchase, in securities rated
BB/Ba or B by Moody&#146;s Investors Service, Inc.,
Standard &amp; Poor&#146;s Ratings Group, a division
of The McGraw-Hill Companies Inc., Fitch Ratings or
another nationally  recognized rating agency or, if
unrated, deemed to be of comparable credit quality
by BlackRock Advisors, Inc. or its affiliates. </FONT></P>
<P align="center">
<FONT size=2 face="serif">59</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<center>
  <B><FONT face="serif">DIVIDEND REINVESTMENT PLANS</FONT></B>
  <hr noshade>
</center>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to each Trust&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), common shareholders are automatically enrolled to have all distributions of dividends and capital gains
reinvested by EquiServe Trust Company, N.A. (the &#147;Plan Agent&#148;) in the respective Trust&#146;s shares pursuant to the Plan. Shareholders who elect not to participate in the 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 Plan Agent.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After an Investment Quality Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants&#146; account, by the purchase
of outstanding shares on the open market, on the Trust&#146;s primary exchange or elsewhere (&#147;open market purchases&#148;). The Investment Quality Trusts will not issue any new shares under the Plan.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After an Income Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants&#146; account, depending upon the
circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (&#147;newly issued shares&#148;) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share
(&#147;NAV&#148;) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as &#147;market premium&#148;), the Plan Agent will invest the dividend amount in newly issued shares
on behalf of the participants. The number of newly issued shares to be credited to each participant&#146;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 payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus
estimated brokerage commissions (such condition being referred to herein as &#147;market discount&#148;), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Participants in the Plan may withdraw from the Plan upon written notice to the Plan Agent and will receive certificates for whole Trust shares and a cash payment for any fraction of a Trust
share.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Plan Agent&#146;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 Plan Agent&#146;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.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan, however, each Trust reserves the right to amend the Plan to include
a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a &#36;2.50 sales fee and a &#36;0.15 per share sold brokerage commission. All correspondence concerning the Plan should
be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or (800) 699-1BFM.</FONT></P>
<B><FONT face="serif">ADDITIONAL INFORMATION</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise
indicated, expiring in 2008:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=30% align=left>
<B><FONT size=2 face="serif">Municipal Investment Quality</FONT></B>&nbsp;
        </TD>
        <TD width=18%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=20%>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=4 align=left>
<FONT size=2 face="serif">Elected the Class III Directors as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Director</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,776,989</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">162,414</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,790,063</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">149,340</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,789,187</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">150,216</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,797,525</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">141,878</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class II Director as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Director</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,780,934</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">158,469</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Municipal Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class I Trustees as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Richard E. Cavanagh</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,327</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width="9%" align=right><FONT size=2 face="serif">69</FONT>
        </TD>
        <TD width="6%" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">41,701,963</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">548,933</FONT>
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">41,674,620</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">576,276</FONT>
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class II Trustee as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">41,657,525</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">593,371</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">60</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=30% align=left>
<B><FONT size=2 face="serif">California Investment Quality</FONT></B>&nbsp;
        </TD>
        <TD width=18%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=20%>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=4 align=left>
<FONT size=2 face="serif">Elected the Class II Directors as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Director</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Frank J. Fabozzi</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">300</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width="9%" align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD width="6%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">986,949</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">519</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">974,396</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,072</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">986,949</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">519</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class I Director as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Director</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">986,949</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">519</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">California Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class I Trustees as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Richard E. Cavanagh</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,116</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,999,340</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">168,627</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,997,723</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">170,244</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class II Trustee as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,002,090</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">165,877</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Florida Investment Quality</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=4 align=left>
<FONT size=2 face="serif">Elected the Class II Trustees as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Frank J. Fabozzi</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">334</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,047,769</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,269</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,045,889</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,149</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,049,769</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,269</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Florida Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class I Trustees as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Richard E. Cavanagh</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,291</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,476,113</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">63,478</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,463,079</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">76,512</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class II Trustee as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,475,148</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">64,443</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">New Jersey Investment Quality</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=4 align=left>
<FONT size=2 face="serif">Elected the Class II Directors as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Director</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Frank J. Fabozzi</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">300</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">958,273</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,713</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">958,273</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,713</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">954,137</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,849</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected Class I Director as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Director</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">958,637</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,349</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">61</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=30% align=left>
<B><FONT size=2 face="serif">New Jersey Income</FONT></B>&nbsp;
        </TD>
        <TD width=17%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=20%>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected Class I Trustees as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Richard E. Cavanagh</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,439</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width="9%" align=right>
<FONT size=2 face="serif">21</FONT>&nbsp;
        </TD>
        <TD width="6%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,283,961</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">59,847</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,272,318</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">71,490</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class II Trustee as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,280,502</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">63,306</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">New York Investment Quality</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=4 align=left>
<FONT size=2 face="serif">Elected the Class II Directors as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Director</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Frank J. Fabozzi</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">391</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,236,209</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,681</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,236,209</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,681</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,236,209</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,681</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class I Director as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Director</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,236,209</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,681</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">New York Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD></TD>
        <TD>
        </TD>
        <TD colspan="2">
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class I Trustees as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Richard E. Cavanagh</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,343</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">20</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,850,671</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">156,695</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,872,328</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">135,038</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Elected the Class II Trustee as follows:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Trustee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="serif">Votes
              For</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
      <HR noshade size=1>
    </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,875,053</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">132,313</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade>    </TD>
  </TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp;       </TD>
        <TD>
<FONT size=1 face="serif">Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the Class of Directors/Trustees to which they were elected, if such class was not standing for election at the May 26, 2005 Annual Shareholder
Meeting.</FONT> </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp;       </TD>
        <TD>
<FONT size=1 face="serif">Voted on by the holders of preferred shares only.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Directors allowed on its
repsective Board to 11: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=30% align=left>&nbsp;

        </TD>
        <TD colspan="2" align="center">
<B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
        </TD>
        <TD width=11%>&nbsp;
        </TD>
        <TD width=16% align=center>
<B><FONT size=2 face="serif">Votes Against</FONT></B>&nbsp;
        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=19% align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD colspan="2" align="center">
      <HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Muncipal Income</FONT>&nbsp;
        </TD>
        <TD width="3%">&nbsp;
        </TD>
        <TD width="11%" align=right>
<FONT size=2 face="serif">40,958,191</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">799,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">493,303</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">California Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,811,034</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">220,932</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">136,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,389,062</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&nbsp; 90,912</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&nbsp; 59,616</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,200,512</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&nbsp; 96,059</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">&nbsp; 47,237</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New York Income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,691,739</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">181,459</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">134,168</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following Trust had an additional proposal (Proposal #2B) to amend its respective Declaration of Trust in order to reduce the maximum number of permitted Directors allowed on its respective
Board from 15 to 11: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=30% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=11% align=center>
<B><FONT size=2 face="serif">Votes For</FONT></B>&nbsp;
        </TD>
        <TD width=11% align="center">&nbsp;
        </TD>
        <TD width=16% align=center>
<B><FONT size=2 face="serif">Votes Against</FONT></B>&nbsp;
        </TD>
        <TD width=10% align="center">&nbsp;
        </TD>
        <TD width=19% align=center>
<B><FONT size=2 face="serif">Votes Withheld</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
        <TD align="center">
        </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
        <TD align="center">
        </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">1,039,665</FONT>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">17,373</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the period, there were no material changes in any Trust&#146;s investment objective or policies or to any Trust&#146;s charters or by-laws that were not approved by the shareholders or
in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts&#146; portfolio.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Quarterly performance and other information regarding the Trusts may be found on BlackRock&#146;s website, which can be accessed at
http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock&#146;s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate
BlackRock&#146;s website into this report.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for
the Advisor or Sub-Advisor: Robert S. Kapito&#151;Director and Vice Chairman of the Advisor and the Sub-Advisor, Kevin M. Klingert&#151;Director of BlackRock Advisors, Inc. and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne
Ackerley and Bartholomew Battista&#151;Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto&#151;Managing Directors of the Sub-Advisor, and Brian P. Kindelan&#151;Managing Director of the Advisor.</FONT></P>
<P align="center">
<FONT size=2 face="serif">62</FONT></P>

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<P>
<FONT size=6 face="serif">BlackRock Closed-End Funds</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=41% align=left>
<FONT face="serif">Trustees</FONT>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=53% align=left>
<FONT face="serif">Transfer Agent</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Ralph L. Schlosstein, </FONT><I><FONT size=2 face="serif">Chairman</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">EquiServe Trust Company, N.A.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">250 Royall Street</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Richard E. Cavanagh</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Canton, MA 02021</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">(800)</FONT> &nbsp;<FONT size=2 face="serif">699-1BFM</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT face="serif">Auction Agent</FONT><SUP><FONT face="serif">3</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Kathleen F. Feldstein</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Bank of New York</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">R. Glenn Hubbard</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">100 Church Street, 8th Floor</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10286</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT face="serif">Auction Agent</FONT><SUP><FONT face="serif">4</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deutsche
            Bank Trust Company Americas</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">60
            Wall Street, 27th Floor</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT face="serif">Officers</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New
            York, NY 10005</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Robert S. Kapito, </FONT><I><FONT size=2 face="serif">President</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT face="serif">Independent Registered
            Public Accounting Firm</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Henry Gabbay, </FONT><I><FONT size=2 face="serif">Treasurer</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deloitte &amp; Touche
    LLP</FONT>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Bartholomew Battista, </FONT><I><FONT size=2 face="serif">Chief Compliance Officer</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">200
            Berkeley Street</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Anne
            Ackerley, </FONT><I><FONT size=2 face="serif">Vice
            President</FONT></I>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Boston,
            MA 02116</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Kevin M. Klingert, </FONT><I><FONT size=2 face="serif">Vice President</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT face="serif">Legal Counsel</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Richard M. Shea, </FONT><I><FONT size=2 face="serif">Vice President/Tax</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Skadden,
            Arps, Slate, Meagher &amp; Flom LLP</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">James Kong, </FONT><I><FONT size=2 face="serif">Assistant Treasurer</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">4
            Times Square</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Vincent B. Tritto, </FONT><I><FONT size=2 face="serif">Secretary</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New
            York, NY 10036</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Brian P. Kindelan, </FONT><I><FONT size=2 face="serif">Assistant Secretary</FONT></I>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT face="serif">Legal Counsel &#150; Independent
            Trustees</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT face="serif">Investment Advisor</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Debevoise &amp; Plimpton
            LLP</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">919
            Third Avenue</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">100 Bellevue Parkway</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New
            York, NY 10022</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Wilmington, DE 19809</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=2 face="serif">This
            report is for shareholder information. This is
            not a prospec-</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">(800) 227-7BFM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">tus intended
            for use in the purchase or sale of Trust shares.</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT face="serif">Sub-Advisor</FONT><SUP><FONT face="serif">3</FONT></SUP>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">Statements
            and other information contained in this report
            are as</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Financial Management, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">dated and
            are subject to change.</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">40 East 52nd Street</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">New York,
        NY 10022</font>&nbsp;  </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">BlackRock
            Closed-End Funds</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font face="serif">Accounting Agent and Custodian</font>&nbsp;
 </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">c/o BlackRock
            Advisors, Inc.</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">State Street
            Bank and Trust Company</font>&nbsp;
</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">100 Bellevue
            Parkway</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">225 Franklin
            Street</font>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">Wilmington,
            DE 19809</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp; &nbsp; &nbsp;<font size=2 face="serif">Boston,
            MA 02110</font>&nbsp;
 </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="serif">(800)</FONT> &nbsp;<FONT size=2 face="serif">227-7BFM</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="140" size=1 noshade></TD>
  </TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="serif">1</FONT></TD>
        <TD>
<FONT size=1 face="serif">Appointed as a Trustee of the Investment Quality Trusts on January 19, 2005. Appointed as an Advisory Board Member of the Income Trusts on January 19, 2005. Elected by Shareholders on May 26, 2005 as a Trustee of each
Trust, except Municipal Investment Quality, for which Ms. Feldstein&#146;s class of directors did not stand for election.</FONT>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="serif">2</FONT></TD>
        <TD>
<FONT size=1 face="serif">Appointed as a Trustee of each Trust on November 16, 2004. Elected by Shareholders on May 26, 2005 as a Trustee of each Trust, except Florida Investment Quality for which Mr. Hubbard&#146;s class of directors did not stand
for election.</FONT>    </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="serif">3</FONT> </TD>
        <TD>
<FONT size=1 face="serif">For the Income Trusts.</FONT> </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="serif">4</FONT> </TD>
        <TD>
<FONT size=1 face="serif">For the Investment Quality Trusts.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called
&#147;householding&#148; and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the
mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)699-1BFM.</FONT></P>
<P>
<FONT size=2 face="serif">The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor&#146;s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies
and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the &#147;Commission&#148;) at http://www.sec.gov.</FONT></P>
<P>
<FONT size=2 face="serif">Information on how proxies relating to the Trusts&#146; voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available, upon request, by calling (800) 699-1BFM or on
the website of the Commission at http://www.sec.gov.</FONT></P>
<P>
<FONT size=2 face="serif">The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust&#146;s Form N-Q will be available on the
Commission&#146;s website at http://www.sec.gov. Each Trust&#146;s Form N-Q, when available, may be reviewed and copied at the Commission&#146;s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330. Each Trust&#146;s Form N-Q, when available, may also be obtained, upon request, by calling (800) 699-1BFM.</FONT></P>

<hr noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<p>&nbsp;</p>
<p><BR>
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT size=1 face="sans-serif">This report
        is for shareholder information. This is not
        a prospectus intended<br>
for use in the purchase or sale of Trust shares. Statements
and other<br>
information contained in this report are as dated and
are subject to change.<br>
<br>
CEF-SEMI-2</FONT></td>
    <td><img src="c37892_ncsrs-cx68x1.jpg" border=0></td>
  </tr>
</table>
<p><BR>
  <BR>

</p>
<HR noshade  width="100%" size=4>

<PAGE>


<B><FONT face="serif">Item 2. Code of Ethics.</FONT></B><FONT face="serif"> </FONT><p></P>
<P>
<FONT face="serif">Not applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 3. Audit Committee Financial Expert.</FONT></B></P>
<P><FONT face="serif">Not applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 4. Principal Accountant Fees and Services. </FONT></B></P>
<P>
<FONT face="serif">Not applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 5. Audit Committee of Listed Registrants.</FONT></B></P>
<P><FONT face="serif">Not applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 6. Schedule of Investments. </FONT></B></P>
<P>
<FONT face="serif">The Registrant&#146;s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form. </FONT></P>
<P>
<B><FONT face="serif">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. </FONT></B></P>
<P>
<FONT face="serif">Not applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 8. Portfolio Managers of Closed-End Management Investment Companies. </FONT></B></P>
<P>
<FONT face="serif">Not applicable for semi-annual reports. </FONT></P>
<P>
<B><FONT face="serif">Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. </FONT></B></P>
<P>
<FONT face="serif">Not applicable because no such purchases were made during the period covered by this report. </FONT></P>
<P>
<B><FONT face="serif">Item 10. Submission of Matters to a Vote of Security Holders. </FONT></B></P>
<P>
<FONT face="serif">Not applicable because no applicable matters were voted on by shareholders during the period covered by this report. </FONT></P>
<P>
<B><FONT face="serif">Item 11. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures as of a date within 90 days of this filing and have concluded that the
Registrant&#146;s disclosure controls and procedures are effective, as of such date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported timely. </FONT></P>
<P>
<FONT face="serif">(b) The Registrant's principal executive officer and principal financial officer are aware of no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's 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. </FONT></P>
<P>
<B><FONT face="serif">Item 12. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">(a) (1) Not applicable. </FONT></P>
<P>
<FONT face="serif">(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. </FONT></P>
<P>
<FONT face="serif">(a) (3) Not applicable. </FONT></P>
<P>
<FONT face="serif">(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>
<center>
  <B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT>
</center>
<P>
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<P>
<FONT face="serif">(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock California Municipal Income Trust</FONT></P>
<P>
<FONT face="serif">By: /s/ Henry Gabbay<BR>_____________________________________________________________________<BR> Name: Henry Gabbay<br>
</FONT><FONT face="serif">Title: Treasurer <br>
Date: July 1, 2005 </FONT></P>
<P>
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates
indicated. </FONT></P>
<P>
<FONT face="serif">By: /s/ Robert S. Kapito<BR>_____________________________________________________________________<BR> Name: Robert S. Kapito <br>
Title: Principal Executive Officer <br>
Date: July 1, 2005 </FONT></P>
<P>
<FONT face="serif">By: /s/ Henry Gabbay<BR>_____________________________________________________________________<BR> Name: Henry Gabbay <br>
Title: Principal Financial Officer <br>
Date: July 1, 2005 </FONT></P>

<HR noshade  width="100%" size=4>

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<P>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>6
<FILENAME>c37892_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<P align="right"><B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B></P>
<P>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P>
<FONT face="serif">I, Robert Kapito, certify that: </FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-CSR of BlackRock California Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report based on such evaluation; and</FONT></P>

<P>
<FONT face="serif">d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant&#146;s second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </FONT></P>
<P>
<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></P>
<P>
<FONT face="serif">Date: July 1, 2005 </FONT></P>
<P>
<FONT face="serif"> </FONT></P>

<table width="100%"  border="0" cellspacing="0">
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="40%"><p align="center"><font face="serif">/s/ Robert S. Kapito</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top">

    <hr size="1" noshade>
</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><center>
      <font face="serif">Robert S. Kapito </font>
    </center></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><p align="center"><font face="serif">Principal Executive Officer </font></p></td>
  </tr>
</table>
<P><FONT face="serif"><br>
  <BR>
  <br>
  </FONT></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B></P>
<P>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P>
<FONT face="serif">I, Henry Gabbay, certify that: </FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-CSR of BlackRock California Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>

<P>
<FONT face="serif">d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant&#146;s second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </FONT></P>
<P>
<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
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<FONT face="serif">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></P>
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<FONT face="serif">Date: July 1, 2005</FONT></P>
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    <td width="60%">&nbsp;</td>
    <td width="40%"><p align="center"><font face="serif">/s/ Henry Gabbay</font></p></td>
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      <FONT face="serif">Henry Gabbay</FONT>    </center></td>
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    <td>&nbsp;</td>
    <td><p align="center"><FONT face="serif">Principal Financial Officer</FONT></p></td>
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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>7
<FILENAME>c37892_ex99-906cert.htm
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<B><U><FONT face="serif">SECTION 906 CERTIFICATION</FONT></U></B><FONT face="serif"> </FONT><p></P>
<P>
<FONT face="serif">Pursuant to 18 U.S.C. &sect; 1350,
the undersigned officers of BlackRock California Municipal Income Trust (the "Company"), hereby certifies,
to the best of their knowledge, that the Company's
Report on Form N-CSR for the  period ended April 30,
2005, (the "Report") fully complies with the requirements
of Section 13(a) or 15(d), as applicable, of the Securities
Exchange Act of 1934 and that the information contained
in the Report  fairly presents, in all material respects,
the financial condition and results of operations of
the Company. </FONT></P>
<P>
<FONT face="serif">Dated:</FONT><U><FONT face="serif"> July 1, 2005</FONT></U><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif"> /s/ Robert S. Kapito<BR>
__________________________________<BR> Name: Robert S. Kapito <br>
Title: Principal Executive Officer</FONT></P>
<P>
<FONT face="serif">/s/ Henry Gabbay<BR>
__________________________________<BR> Name: Henry Gabbay <br>
Title: Principal Financial Officer</FONT></P>

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