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<SEC-DOCUMENT>0000930413-04-003144.txt : 20040702
<SEC-HEADER>0000930413-04-003144.hdr.sgml : 20040702
<ACCEPTANCE-DATETIME>20040701190541
ACCESSION NUMBER:		0000930413-04-003144
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20040430
FILED AS OF DATE:		20040702
EFFECTIVENESS DATE:		20040702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137390
		IRS NUMBER:				510409117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10337
		FILM NUMBER:		04896660

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		302-797-2449

	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>c32724_n-csrs.htm
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor=#ffffff>

<p align=center><font size=2>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</font></p>
<p align=center><font size=4><B>FORM N-CSR</B></font></p>
<p align=center><font size=2><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</B><br>
  <strong>MANAGEMENT INVESTMENT COMPANIES</strong></font></p>
<p align=center><font size=2>Investment Company Act file number:__<u>811-10337</u>____________________________________</font></p>
<p align=center><font size=2>__________________<u>The BlackRock New York Municipal Income Trust</u>__________________</font></p>
<p align=center><font size=2>(Exact name of registrant as specified in charter)</font></p>
<div align="center">
  <table width=65% cellspacing=0 cellpadding=0>
    <tr>
      <td valign=bottom align=left width=385><font size=2>100 Bellevue Parkway, Wilmington, DE</font></td>
      <td width="42">&nbsp;</td>
      <td width="151" align=left valign=bottom><font size=2>19809</font></td>
    </tr>
    <tr>
      <td colspan="3" align=left valign=bottom>_______________________________________________________________________</td>
    </tr>
    <tr><td valign=bottom align=left width=385><font size=2>(Address of principal executive offices)</font></td>
      <td>&nbsp;</td>
      <td valign=bottom align=left><font size=2>(Zip code)</font></td>
    </tr>
  </table>
  <br>
</div>
<p align=center><font size=2>Robert S. Kapito, President</font></p>
<p align=center><font size=2>The BlackRock New York Municipal Income Trust</font></p>
<p align=center><font size=2>_________________________<u>40 East 52nd Street, New York, NY 10022</u>_________________________<br>
(Name and address of agent for service)</font></p>
<p align=left><font size=2>Registrant&#146;s telephone number, including area code:_<u>302 797-2162</u>__________________</font></p>
<p align=left><font size=2>Date of fiscal year end:____<u>October 31, 2004</u>__________________________________</font></p>
<p align=left><font size=2>Date of reporting period:&nbsp;__<u>  April 30, 2004</u>____________________________________</font></p>

<CENTER>
</CENTER><br><HR noshade align=center width=100% size=2><PAGE>

<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 1.</b></font></td>
<td valign=top><font size=2><b>Reports to Shareholders.</b></font></td></tr></table><br>
<p align=left><font size=2>The Trust&#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>


<A name="page_1"></A>

<P>
<FONT size=1 face="sans-serif">FIXED INCOME	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIQUIDITY	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQUITIES	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALTERNATIVES	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2004 (UNAUDITED)</FONT>
</P>
<hr noshade>
<P>&nbsp;</P>
<P>
<FONT size=2 face="sans-serif">BlackRock Investment Quality Municipal Trust (BKN) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock Municipal Income Trust (BFK) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock California Investment Quality Municipal Trust (RAA) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock California Municipal Income Trust (BFZ) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock
Florida Investment Quality Municipal Trust (RFA) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock Florida Municipal Income Trust (BBF) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock New Jersey Municipal Income Trust (BNJ) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock New York Investment Quality
Municipal Trust (RNY) </FONT></P>
<P><FONT size=2 face="sans-serif">BlackRock New York Municipal Income Trust (BNY)</FONT>
</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="right">
<IMG src="c32724_n-csrsx1x1.jpg" border=0>
</P>
<P>
<FONT size=1 face="sans-serif">NOT FDIC INSURED <br>
MAY LOSE VALUE <br>
NO BANK GUARANTEE</FONT></P>

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


<A name="page_2"></A>

<PAGE><A name="page_3"></A>

<P align="center">
<B><FONT face="serif">TABLE OF CONTENTS</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><FONT face="serif">Letter to Shareholders</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">1</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Trust Summaries</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">2</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Portfolios of Investments</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">12</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Financial Statements</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT face="serif">Statements of Assets and Liabilities</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">34</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT face="serif">Statements of Operations</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">36</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT face="serif">Statements of Changes in Net Assets</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">38</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Financial Highlights</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">42</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Notes to Financial Statements</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">52</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Dividend Reinvestment Plans</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">57</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Additional Information</FONT></TD>
   <TD align="right" width="6%"><FONT face="serif">58</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<P align="center">&nbsp;
</P>
<hr noshade>
<P align="center"><B><FONT size=2 face="serif">Privacy Principles of the Trusts</FONT></B>
</P>
<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 align="center" width="100%" size=2>


<A name="page_4"></A>

<PAGE><A name="page_5"></A>

<P align="center">
<B><FONT face="serif">LETTER TO SHAREHOLDERS</FONT></B>
</P>
<P align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">April 30, 2004 </FONT></P>
<P><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, 2004.</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="62%" align="center"><HR noshade size=1></TD>
  <TD width="6%" align="center"><HR noshade size=1></TD>
  <TD width="4%" 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 align="center" colspan=2><HR noshade size=1></TD>
  <TD width="3%"><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR noshade size=1></TD>
  <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Tax-</FONT></B></TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Closing</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Current</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Equivalent</FONT></B></TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Market</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Trust (Ticker)</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Yield</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">Yield</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B></TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Price</FONT></B></TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">NAV</FONT></B></TD>
  </TR>
<TR>
   <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 colspan=2><HR noshade size=1>
    </TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6.84</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">10.53</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%" align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="5%" align="right"><FONT size=2 face="serif">13.36</FONT></TD>
   <TD>&nbsp;</TD>
   <TD width="1%" align="right"><div align="right"><FONT size=2 face="serif">$</FONT></div></TD>
   <TD width="4%" align="center"><div align="right"><FONT size=2 face="serif">15.41</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7.48</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13.02</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">14.09</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10.00</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13.03</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">14.30</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7.16</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11.02</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12.75</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">14.24</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6.25</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9.62</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13.58</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">14.96</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6.98</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10.75</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12.95</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">14.90</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5.82</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8.95</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13.85</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">14.80</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6.79</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10.45</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13.27</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">14.86</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10.00</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">15.15</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6.97</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10.72</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12.98</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"></div></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif">14.84</FONT></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <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" colspan=2><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center" colspan=2><HR align="right" size=1 noshade></TD>
  <TD><HR noshade size=1></TD>
</TR>
</TABLE>
<P>
<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>
</P>
<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, 2004, BlackRock managed approximately $20
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., which manages the Trusts, is a wholly owned subsidiary 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>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="50%"><img src="c32724_n-csrsx5x1.jpg" border=0> <br>
      <font size=2 face="serif">Laurence D. Fink <br>
Chief Executive Officer<br>
BlackRock Advisors, Inc.</font> </td>
    <td width="50%"><img src="c32724_n-csrsx5x2.jpg" border=0> <br>
      <font size=2 face="serif">Ralph L. Schlosstein <br>
President <br>
BlackRock Advisors, Inc.</font> </td>
  </tr>
</table>
<P>&nbsp;
</P>
<P>&nbsp;
</P>
<P align="center">
<FONT size=2 face="serif">1</FONT>
</P>

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


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

<PAGE><A name="page_7"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="79%"><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">BKN</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">February 19, 1993</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$13.36</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$15.41</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($13.36):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">6.84</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$0.076189</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$0.914268</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">36</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
  </TR>
<TR>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.36</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.26</FONT></div></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">(6.31</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.36</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$13.36</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$15.41</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$15.28</FONT></div></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">0.85</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$16.08</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.27</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">12</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">12</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Power</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Other</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="47%" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">41</FONT></TD>
   <TD width="11%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">46</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">15</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BB/Ba</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<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>
<br>
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was
$12,712,386, representing 3.2% of the Trust&#146;s long-term investments.</FONT>
  <P align="center">
<FONT size=2 face="serif">2</FONT>
</P>

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


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

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

<P>
<B><FONT face="serif">TRUST SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="80%"><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">BFK</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">July 27, 2001</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$13.02</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$14.09</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($13.02):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">7.48</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.081125</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.973500</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">38</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
  </TR>
<TR>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.02</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.70</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(4.96</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.78</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$12.90</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.09</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.87</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1.59</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.92</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$13.86</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">23</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">22</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">21</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">22</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Power</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Other</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="47%" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">14</FONT></TD>
   <TD width="12%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">15</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">25</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">44</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">44</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BB/Ba</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">B</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.<br>
</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was
$46,632,235, representing 4.9% of the Trust&#146;s long-term investments.</FONT>
<P align="center">
<FONT size=2 face="serif">3</FONT>
</P>

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


<A name="page_10"></A>

<PAGE><A name="page_11"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="82%"><FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">RAA</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">May 28, 1993</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">$13.03</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">14.30</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($13.03):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">6.50</FONT></TD>
   <TD width="8%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">$0.0706</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">$0.8472</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">34</FONT></TD>
   <TD width="8%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
  </TR>
<TR>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.03</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.03</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(7.13</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.50</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$12.99</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.30</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.56</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(1.79</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.91</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.28</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">26</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">25</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">21</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">18</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">24</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">12</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Power</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="47%" align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">39</FONT></TD>
   <TD width="11%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">45</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">30</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">B</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating. </FONT>
<P align="center">
<FONT size=2 face="serif">4</FONT>
</P>

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


<A name="page_12"></A>

<PAGE><A name="page_13"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="80%"><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">BFZ</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">July 27, 2001</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$12.75</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$14.24</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($12.75):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">7.16</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.076074</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.912888</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">38</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$12.75</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.21</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(3.48</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.18</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$12.75</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.24</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.97</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1.93</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.08</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$13.96</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">19</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">12</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Power</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Other</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="47%" align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">30</FONT></TD>
   <TD width="12%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">30</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">31</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">29</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BB/Ba</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">1</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">B</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.<br>
</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was
$30,286,291, representing 9.1% of the Trust&#146;s long-term investments.</FONT>
<P align="center">
<FONT size=2 face="serif">5</FONT>
</P>

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


<A name="page_14"></A>

<PAGE><A name="page_15"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="80%"><FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">RFA</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">May 28, 1993</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$13.58</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$14.96</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($13.58):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">6.25</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.070781</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.849372</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">34</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.58</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.47</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(6.15</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.95</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$13.47</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.96</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$15.39</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(2.79</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.46</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.96</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">21</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">23</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">19</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">21</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Power</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="39%" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">66</FONT></TD>
   <TD width="13%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="17%"><FONT size=2 face="serif">72</FONT></TD>
   <TD width="16%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="17%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="16%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="17%"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="16%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="17%"><FONT size=2 face="serif">13</FONT></TD>
   <TD width="16%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BB/Ba</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="17%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="16%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="17%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="16%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating. </FONT>
<P align="center">
<FONT size=2 face="serif">6</FONT>
</P>

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


<A name="page_16"></A>

<PAGE><A name="page_17"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="80%"><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">BBF</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">July 27, 2001</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$12.95</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$14.90</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($12.95):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">6.98</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.075375</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.904500</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">37</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$12.95</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.36</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(3.07</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.75</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$12.91</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.90</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.68</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1.50</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.61</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.65</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">30</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">31</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">24</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">22</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Power</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="48%" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="12%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">40</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">42</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">13</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BB/Ba</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">15</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">15</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating. </FONT>
<P align="center">
<FONT size=2 face="serif">7</FONT>
</P>

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


<A name="page_18"></A>

<PAGE><A name="page_19"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="80%"><FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">RNJ</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">May 28, 1993</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$13.85</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$14.80</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($13.85):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">5.82</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.067148</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.805776</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">33</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.85</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.80</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(6.42</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.61</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$13.76</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.80</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.90</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(0.67</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.39</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.80</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">30</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">32</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">15</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Power</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Resource Recovery</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Other</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="47%" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">61</FONT></TD>
   <TD width="12%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">64</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">B</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.<br>
</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was
$1,107,830, representing 5.2% of the Trust&#146;s long-term investments.</FONT>
<P align="center">
<FONT size=2 face="serif">8</FONT>
</P>

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


<A name="page_20"></A>

<PAGE><A name="page_21"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="80%"><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">BNJ</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">July 27, 2001</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$13.27</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$14.86</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($13.27):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">6.79</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.075108</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.901296</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">37</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$13.27</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$14.04</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(5.48</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.12</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$13.24</FONT></TD>
  </TR>
<TR>
   <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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$14.86</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$14.59</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1.85</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.68</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.57</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">23</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">21</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">15</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">12</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Other</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="47%" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">31</FONT></TD>
   <TD width="11%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">32</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">33</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">31</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">B</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.<br>
</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was
$15,590,435, representing 9.2% of the Trust&#146;s long-term investments.</FONT>
<P align="center">
<FONT size=2 face="serif">9</FONT>
</P>

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


<A name="page_22"></A>

<PAGE><A name="page_23"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="80%"><FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">RNY</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">May 28, 1993</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$13.50</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$15.15</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($13.50):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">6.50</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.073125</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.877500</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">33</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="37%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.50</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.18</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(4.80</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.92</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$13.37</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$15.15</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$15.34</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(1.24</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.79</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.15</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">35</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">33</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">19</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Power</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="48%" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">38</FONT></TD>
   <TD width="11%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">37</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">24</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">26</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">25</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">6</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BB/Ba</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Caa</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P align="center">
<FONT size=2 face="serif">10</FONT>
</P>

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


<A name="page_24"></A>

<PAGE><A name="page_25"></A>

<P>
<B><FONT face="serif">TRUST</FONT></B><B><U><FONT face="serif"> </FONT></U></B><B><FONT face="serif">SUMMARIES (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Trust Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="80%"><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">BNY</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Initial Offering Date:</FONT></TD>
   <TD colspan=2 align="center"><FONT size=2 face="serif">July 27, 2001</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Closing Market Price as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$12.98</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Asset Value as of 4/30/04:</FONT></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$14.84</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Yield on Closing Market Price as of 4/30/04 ($12.98):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">6.97</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.075339</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">$0.904068</FONT></TD>
   <TD width="9%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Leverage as of 4/30/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">37</FONT></TD>
   <TD width="9%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD><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.</FONT>
<br>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined herein).</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 cellspacing=0 cellpadding=0>
<TR>
  <TD width="37%">&nbsp;</TD>
  <TD 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"><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">4/30/04</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">10/31/03</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Change</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">High</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Low</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$12.98</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$13.45</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(3.49</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.82</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$12.90</FONT></TD>
  </TR>
<TR>
   <TD><HR noshade size=1></TD>
   <TD><HR align="center" size=1 noshade></TD>
   <TD><HR align="center" size=1 noshade></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>
   <TD><B><FONT size=2 face="serif">NAV</FONT></B></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.84</FONT></div></TD>
   <TD align="right" width="12%"><div align="center"><FONT size=2 face="serif">$14.76</FONT></div></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">0.54</FONT></TD>
   <TD width="7%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$15.73</FONT></TD>
   <TD align="center" width="11%"><FONT size=2 face="serif">$14.74</FONT></TD>
  </TR>
<TR>
   <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>
</TABLE>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s asset composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">Sector Breakdown</FONT></B>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Sector</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Education</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Lease Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">19</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tobacco</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Housing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">City, County &amp; State</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Hospital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Water &amp; Sewer</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Tax Revenue</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Other</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">Credit Breakdown</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="47%" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Credit Rating</FONT></B></div></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AAA/Aaa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="12%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="14%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">AA/Aa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">A</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">25</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BBB/Baa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">24</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">BB/Ba</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">CCC/Caa</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD><FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="14%">&nbsp;</TD>
</TR>
<TR>
   <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>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was
$21,951,775, representing 7.6% of the Trust&#146;s long-term investments.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">11</FONT>
</P>

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


<A name="page_26"></A>

<PAGE><A name="page_27"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="6%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="53%">&nbsp;</TD>
   <TD align="center" width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="53%">&nbsp;</TD>
   <TD align="center" width="13%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD 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" colspan=3><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="53%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="13%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;152.2%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Alabama&#151;5.9%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">14,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">09/10 @ 101</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">15,064,140</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Alaska&#151;2.4%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">6,015</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">12/05 @ 102</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">6,236,472</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">California&#151;22.8%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">California, GO,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa1</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">7,500</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 4/01/27</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">04/14 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">7,405,500</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa1</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">5,770</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 5/01/18</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/10 @ 101</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">6,166,399</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/10 @ 101</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">3,046,290</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Golden St. Tobacco Sec. Corp., Ser. B,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">1,495</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/01/38, AMBAC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">1,449,522</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">13,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/01/43</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">12,861,420</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">6,900</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 6/01/38</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">6,893,445</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">10,945</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">08/13 @ 53.632</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">3,474,928</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">15,460</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Los Angeles Cnty., Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">17,401,312</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">58,698,816</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Colorado&#151;2.2%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">3,100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Arapahoe Cnty. Cap. Impvt. Hwy. Trust Fund, Ser. E, Zero Coupon, 8/31/04</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">3,089,057</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">2,250</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="53%"><FONT size=1 face="serif">3E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">2,482,538</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">5,571,595</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Connecticut&#151;1.6%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Mashantucket Western Pequot Tribe, Ser. A, 5.50%, 9/01/28</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">09/09 @ 101</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">2,948,580</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">1,140</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 5.25%, 1/01/33</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/14 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">1,080,321</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">4,028,901</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Delaware&#151;3.1%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="53%"><FONT size=1 face="serif">Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">8,008,140</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">District of Columbia&#151;2.4%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">1,705</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Dist. of Columbia, GO, Ser. E, 6.00%, 6/01/09, CAPMAC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">1,726,568</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">4,960</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Tobacco Settlement Fin. Corp., 6.50%, 5/15/33</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">4,466,976</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">6,193,544</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Florida&#151;7.4%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">665</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.55%, 7/01/14</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/05 @ 102</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">683,514</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">3,700</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Hillsborough Cnty. Ind. Dev. Auth., National Gypsum, Ser. A, 7.125%, 4/01/30</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">10/10 @ 101</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">3,799,419</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">4,755</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">11/14 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">4,685,482</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Village Cmnty. Dev. Dist. No. 6, Spl. Assmnt. Rev., 5.625%, 5/01/22</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/13 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">9,792,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">18,960,415</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Georgia&#151;1.6%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">4,260</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Atlanta Wtr. &amp; Wstwtr., Ser. A, 5.00%, 11/01/39, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/12 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">4,212,714</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Hawaii&#151;1.1%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">2,500</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Hawaii Dept. of Budget &amp; Fin., Hawaiian Elec. Co. Inc., Ser. D, 6.15%, 1/01/20, AMBAC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/09 @ 101</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">2,783,225</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Illinois&#151;12.5%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">1,920</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Centerpoint Intermodal Ctr., Ser. A, 8.00%, 6/15/23</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">1,872,768</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">12/07 @ 102</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">11,316,400</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">6,361,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Illinois Edl. Fac. Auth., FGIC,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 7/01/14</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">4,058,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 7/01/13</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">5,074,850</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">3,540</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">O&#146;Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/14 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">3,551,293</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">32,234,311</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Indiana&#151;3.0%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">7,420</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 7.10%, 1/15/17</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">07/04 @ 102</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">7,647,423</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><B><FONT size=2 face="serif">Kentucky&#151;2.1%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="3%"><FONT size=1 face="serif">15,715</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/23, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=1 face="serif">5,463,791</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">12</FONT>
</P>

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


<A name="page_28"></A>

<PAGE><A name="page_29"></A>

<P>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="7%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="46%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="46%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD 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" colspan=3><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="46%"><b><font size=2 face="serif">Description</font></b></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">Louisiana&#151;3.4%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,640</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">New Orleans, GO, 5.875%, 11/01/29, FSA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/09 @ 100</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">5,030,595</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,460</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Tobacco Settlement Fin. Corp., Ser. B, 5.875%, 5/15/39</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/11 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">3,712,192</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">8,742,787</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">Maryland&#151;2.3%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,740</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Maryland Hlth. &amp; Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/14 @ 100</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">1,681,397</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,342,600</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">6,023,997</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">Michigan&#151;1.6%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BB+</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">6</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/07 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,150,200</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">Missouri&#151;1.6%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/14</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/08 @ 102</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">1,961,520</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,500</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/26</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/08 @ 102</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">2,204,350</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,165,870</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">New Jersey&#151;4.0%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Delaware River Port. Auth. of PA &amp; NJ, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">01/10 @ 100</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">2,179,580</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 06/15/10</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">8,063,090</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">10,242,670</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">New Mexico&#151;0.8%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,945</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Farmington PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/04 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">1,970,518</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">New York&#151;14.2%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">New York City, GO,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A+</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,140</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.00%, 8/01/05</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,360,869</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A+</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">7</FONT></SUP></TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. E, 6.50%, 2/15/06</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">7,552,300</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A-</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/01/08</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,089,360</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A-</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/01/15</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">1,022,340</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">New York City Transl. Fin. Auth., Ser. B,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AA+</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">8,145</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/15/10</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">9,482,653</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AA+</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,855</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/21</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/10 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">2,088,656</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">New York Dorm. Auth.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Univ. Edl. Fac., Ser. B, 6.10%, 5/15/04</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">3,064,290</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,865</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univ. of Rochester, Ser. A, Zero Coupon, 7/01/21, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/10 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">1,401,622</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,030</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univ. of Rochester, Ser. A, Zero Coupon, 7/01/23, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/10 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">1,514,664</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A+</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,955</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%, 11/01/04</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">2,001,060</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">36,577,814</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">North Carolina&#151;2.2%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">5,730,250</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">Ohio&#151;3.7%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">Cuyahoga Cnty.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A1</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,485</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland Clinic Hlth. Sys., 6.00%, 1/01/20</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/13 @ 100</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">3,764,148</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A1</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland Clinic Hlth. Sys., 6.00%, 1/01/21</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/13 @ 100</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">5,389,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">335</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">5</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Dev. Proj., 6.00%, 3/01/07</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">361,646</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">9,514,794</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">Oregon&#151;1.7%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BB+</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,300</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Klamath Falls Elec., Klamath Cogen, 5.50%, 1/01/07</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,358,953</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><B><FONT size=2 face="serif">Pennsylvania&#151;5.1%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">McKeesport Area Sch. Dist., FGIC,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">870</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 10/01/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">202,510</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,435</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 10/01/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">548,873</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A3</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/11 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">2,041,620</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A3</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 11/01/41</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/11 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">3,169,099</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,750</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.875%, 1/01/15</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">01/06 @ 101</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">2,872,733</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/20, FGIC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/06 @ 100</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,265,600</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">13,100,435</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">13</FONT>
</P>

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


<A name="page_30"></A>

<PAGE><A name="page_31"></A>

<P>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="7%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="47%">&nbsp;</TD>
   <TD align="center" width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="47%">&nbsp;</TD>
   <TD align="center" width="14%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="9%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD 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" colspan=3><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="47%"><b><font size=2 face="serif">Description</font></b></TD>
   <TD align="center" width="14%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="9%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Rhode Island&#151;0.8%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Rhode Island Hlth. &amp; Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">05/07 @ 102</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">2,164,420</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">South Carolina&#151;3.3%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,185</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.25%, 8/01/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">08/13 @ 100</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">2,250,441</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 6.875%, 8/01/27</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">08/13 @ 100</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">4,311,560</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,090</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Tobacco Settlement Rev. Mgmt. Auth., Ser. B, 6.375%, 5/15/30</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">1,881,334</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">8,443,335</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Tennessee&#151;5.1%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A3</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,800</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">09/04 @ 102</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">7,994,298</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,865</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">03/10 @ 101</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">5,194,020</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">13,188,318</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Texas&#151;14.4%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">10/13 @ 101</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">6,439,800</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Dallas Cnty. Util. &amp; Cap. Reclam. Dist., Ser. A, AMBAC,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,085</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 2/15/19</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">02/05 @ 44.538</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">2,628,781</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,800</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 2/15/20</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">02/05 @ 41.799</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">1,539,722</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Grapevine, GO, 5.875%, 8/15/24, FGIC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">08/10 @ 100</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">6,503,700</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">11/30 @ 61.166</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">630,200</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,930</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Matagorda Cnty. Navigation Dist. No. 1, 5.60%, 3/01/27</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">03/14 @ 101</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">1,925,001</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">05/12 @ 101</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">7,283,710</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa1</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,320</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev., 5.80%, 11/01/26</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">11/11 @ 102</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">6,157,387</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">08/12 @ 32.807</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">2,969,100</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AA+</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">08/10 @ 100</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">1,092,150</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">37,169,551</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Utah&#151;1.6%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Intermountain Pwr. Agcy., Sply.,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,810</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/01/13, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">2,863,671</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A+</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,145</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 7/01/16</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">1,147,427</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">4,011,098</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Washington&#151;7.7%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Washington, GO,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Aa1</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.375%, 7/01/21</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/06 @ 100</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">4,172,840</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Aa1</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.00%, 1/01/25</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">01/10 @ 100</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">1,108,630</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">13,395</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Washington Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/06 @ 102</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">14,598,139</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">19,879,609</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Wisconsin&#151;6.5%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">14,800</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">13,284,776</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A-</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,220</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Wisconsin Hlth. &amp; Edl. Facs. Auth., Aurora Hlth. Care, 6.40%, 4/15/33</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">04/13 @ 100</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">3,386,506</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">16,671,282</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Wyoming&#151;4.1%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A3</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><FONT size=1 face="serif">Sweetwater Cnty. PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/06 @ 102</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">10,589,700</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=1 face="serif">Total Long-Term Investments (cost $369,304,923)</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">391,799,088</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;2.5%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Georgia&#151;0.8%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A1+</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,100</FONT></TD>
   <TD width="5%"><SUP><FONT size=1 face="serif">8</FONT></SUP></TD>
   <TD width="47%"><FONT size=1 face="serif">Mun. Elec. Auth., Proj. 1, Ser. C, 1.03%, 5/05/04, MBIA, FRWD</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">2,100,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Massachusetts&#151;0.3%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A1+</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">800</FONT></TD>
   <TD width="5%"><SUP><FONT size=1 face="serif">8</FONT></SUP></TD>
   <TD width="47%"><FONT size=1 face="serif">Dev. Fin. Agcy., Var-Boston Univ., Ser. R-2, 1.04%, 5/03/04, XLCA, FRDD</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">800,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Virginia&#151;0.9%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A1+</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,400</FONT></TD>
   <TD width="5%"><SUP><FONT size=1 face="serif">8</FONT></SUP></TD>
   <TD width="47%"><FONT size=1 face="serif">Loudoun Cnty. Indl. Dev. Auth., Howard Hughes Med., Ser. C, 1.08%, 5/03/04, FRDD</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">2,400,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="47%"><B><FONT size=2 face="serif">Puerto Rico&#151;0.2%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A-1</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">400</FONT></TD>
   <TD width="5%"><SUP><FONT size=1 face="serif">8</FONT></SUP></TD>
   <TD width="47%"><FONT size=1 face="serif">Puerto Rico Comnwlth. Govt. Dev. Bank, Zero Coupon, 5/05/04, MBIA, FRWD</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=1 face="serif">400,000</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">14</FONT>
</P>

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


<A name="page_32"></A>

<PAGE><A name="page_33"></A>

<P>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD align="right" width="16%"><div align="center"><B><FONT size=2 face="serif">Shares</FONT></B></div></TD>
   <TD width="72%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD align="right" width="16%"><div align="center"><B><FONT size=2 face="serif">(000)</FONT></B></div></TD>
   <TD align="center" width="72%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="center" size=2 noshade></TD>
   <TD><HR align="center" size=2 noshade></TD>
   <TD colspan=2><HR align="center" size=2 noshade></TD>
  </TR>
<TR>
   <TD width="16%"><div align="center"></div></TD>
   <TD width="72%"><B><FONT size=2 face="serif">Money Market Fund&#151;0.3%</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD width="16%"><div align="center"><FONT size=1 face="serif">800</FONT></div></TD>
   <TD width="72%"><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT></TD>
   <TD align="center" width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">800,000</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD width="72%"><B><FONT size=1 face="serif">Total Short-Term Investments (cost $6,500,000)</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">6,500,000</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD width="72%"><B><FONT size=1 face="serif">Total Investments&#151;154.7% (cost $375,804,923)</FONT></B></TD>
   <TD align="center" width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">398,299,088</FONT></TD>
  </TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD width="72%"><FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.2%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">5,710,081</FONT></TD>
  </TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD width="72%"><FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(56.9)%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">(146,572,927</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD width="72%"><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></TD>
   <TD align="center" width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">257,436,242</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
  </TR>
</TABLE>
<hr align="left" width="150" size="1">
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date
indicated, typically at a premium to par.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of April 30, 2004, the Trust held 4.8% of its net assets, with a current market value of $12,350,740, in securities restricted as to resale.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp;<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">7</FONT></SUP>&nbsp;<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">8</FONT></SUP>&nbsp;<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. Rate shown as of April 30, 2004.</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="6"><hr size="1" noshade></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"></div>     <div align="center"></div>     <div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div>     <div align="center"></div>     <div align="center"></div></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">AMBAC</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">CAPMAC</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">Capital Markets Assurance Company</FONT></TD>
   <TD><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">ETM</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">Escrowed to Maturity</FONT></TD>
   <TD><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FGIC</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT></TD>
   <TD><FONT size=2 face="serif">PCR</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">Pollution Control Revenue</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FRDD</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">Floating Rate Daily Demand</FONT></TD>
   <TD><FONT size=2 face="serif">XLCA</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">XL Capital Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FRWD</FONT></TD>
   <TD align="center"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD><FONT size=2 face="serif">Floating Rate Weekly Demand</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><hr size="1" noshade>
    </TD>
  <TD align="center"><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">15</FONT>
</P>

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


<A name="page_34"></A>

<PAGE><A name="page_35"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="7%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="54%">&nbsp;</TD>
   <TD align="center" width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="54%">&nbsp;</TD>
   <TD align="center" width="13%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD 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" colspan=3><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="54%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="13%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;156.6%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">Alabama&#151;6.2%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa2</FONT></div></TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/05 @ 102</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,328,230</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A2</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/12 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">15,464,850</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/12 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">15,534,450</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">38,327,530</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">Arizona&#151;1.2%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A3</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Scottsdale Ind. Dev. Auth., Scottsdale Htlh. Care, 5.80%, 12/01/31</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">12/11 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,215,950</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">California&#151;24.7%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa1</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">California, GO, 5.20%, 4/01/26</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">04/14 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">14,768,250</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">19,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">California Infrastructure &amp; Econ. Dev., J. David Gladstone Inst. Proj., 5.25%, 10/01/34</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">10/11 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">18,331,960</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">04/13 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,085,950</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">54,635</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/32</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/10 @ 27.37</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,333,117</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">20,535</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/34</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/10 @ 24.228</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,392,793</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">75,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Zero Coupon, 1/15/38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/10 @ 19.014</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">9,522,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Golden St. Tobacco Sec. Corp.,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.75%, 6/01/39</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">9,402,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,550</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 6/01/38, AMBAC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,442,009</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">30,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.50%, 6/01/43</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">30,273,804</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">16,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.625%, 6/01/38</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">16,484,325</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">B-</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">20,055</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">12/12 @ 102</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">17,428,196</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">13,320</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/12 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">13,409,777</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">151,874,181</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">Colorado&#151;0.6%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Denver Hlth. &amp; Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">12/11 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,403,610</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">Connecticut&#151;5.0%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A3</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,950</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Connecticut Dev. Auth., Connecticut Lt. &amp; Pwr., PCR, Ser. A, 5.85%, 9/01/28</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">10/08 @ 102</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">6,192,225</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Mohegan Tribe Indians, Pub. Impvt. Priority Dist.,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,730</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/01/33</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/14 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,587,084</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">20,940</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/01/31</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/11 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">21,842,933</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">30,622,242</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">Delaware&#151;6.2%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3,4</FONT></SUP></TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.625%, 6/30/49</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,107,830</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">11,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3,4</FONT></SUP></TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">12,022,340</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">16,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3,4</FONT></SUP></TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, 6.80%, 10/01/52</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">10/14 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">17,830,240</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,500</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3,4</FONT></SUP></TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,147,985</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">38,108,395</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">District of Columbia&#151;5.8%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Dist. of Columbia,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,390</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Friendship Pub. Charter Sch. Inc., 5.25%, 6/01/33, ACA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/14 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,304,056</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgetown Univ., Ser. A, Zero Coupon, 4/01/36, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">04/11 @ 22.875</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,370,420</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">51,185</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgetown Univ., Ser. A, Zero Coupon, 4/01/37, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">04/11 @ 21.546</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,312,801</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">25,535</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Tobacco Settlement Fin. Corp., 6.75%, 5/15/40</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/11 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">23,423,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">35,410,277</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><B><FONT size=2 face="serif">Florida&#151;8.0%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa2</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">09/06 @ 102</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,722,268</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">9,670</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">11/11 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,151,179</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">9,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">12/04 @ 102</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">9,251,100</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">11,685</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">11/14 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">11,514,165</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,970</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/14 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,968,452</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%"><FONT size=1 face="serif">Village Cmnty. Dev. Dist. No. 6, Spl. Assmnt. Rev., 5.625%, 5/01/22</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/13 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">9,792,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="54%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">49,399,164</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">16</FONT>
</P>

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


<A name="page_36"></A>

<PAGE><A name="page_37"></A>

<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="36%">&nbsp;</TD>
   <TD align="center" width="11%">&nbsp;</TD>
   <TD align="center" width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="36%">&nbsp;</TD>
   <TD align="center" width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD 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" colspan=3><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="36%"><b><font size=2 face="serif">Description</font></b></TD>
   <TD align="center" width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Georgia&#151;2.3%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">9,905</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Atlanta Wtr. &amp; Wstwtr., Ser. A, 5.00%, 11/01/39, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/12 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">9,795,055</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><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 align="center" width="13%"><FONT size=1 face="serif">02/12 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,160,720</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">13,955,775</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Idaho&#151;2.8%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">16,970</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">04/11 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">17,420,044</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Illinois&#151;17.1%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">Bolingbrook, Ser. B, FGIC,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">14,085</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/34</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">2,657,981</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">7,120</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/33</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">1,425,495</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">4,630</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Centerpoint Intermodal Ctr., Ser. A, 8.00%, 6/15/23</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,516,102</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">Illinois Dev. Fin. Auth.,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">7,095</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">5</FONT></SUP></TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">11/09 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">7,155,095</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">25,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCR, Ser. C, 5.95%, 8/15/26</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">12/06 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">25,611,250</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">Illinois Edl. Facs. Auth.,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/12 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">10,178,600</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">05/07 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">7,184,240</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">20,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univ. of Chicago, Ser. A, 5.25%, 7/01/41</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">07/11 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">20,211,600</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A2</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/01/22</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/13 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">5,097,600</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A2</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 1/01/28</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/13 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">6,072,720</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">40,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Met. Pier &amp; Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proj., Ser. A, Zero Coupon, 12/15/34, MBIA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">7,152,400</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">7,645</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">O'Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/14 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">7,669,387</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">104,932,470</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Indiana&#151;5.8%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A+</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">9,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">09/11 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">8,938,980</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Petersburg, PCR, Pwr. &amp; Lt. Conv.,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 12/01/24</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">08/11 @ 102</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">10,221,700</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">16,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/01/29</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">08/11 @ 102</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">16,353,760</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">35,514,440</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Kentucky&#151;1.5%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">9,060</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">9,069,875</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Louisiana&#151;4.5%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Louisiana Local Gov't. Env. Facs. &amp; Cmnty. Dev. Auth.,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">21,425</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cap. Projs. &amp; Equip. Acquisition, 6.55%, 9/01/25, ACA</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">23,237,341</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa1</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">4,605</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 102</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,504,565</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">27,741,906</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Maryland&#151;2.0%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">4,205</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Maryland St. Hlth. &amp; Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">08/14 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">4,063,376</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">NR</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">8,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">3,4</FONT></SUP></TD>
   <TD colspan=2><FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 06/30/49</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">8,523,840</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">12,587,216</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Massachusetts&#151;2.6%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">15,925</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Massachusetts Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/39, AMBAC</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">01/09 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">15,697,273</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Michigan&#151;2.9%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AA</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">17,210</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">07/11 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">17,540,948</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">Mississippi&#151;3.1%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">18,680</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">18,882,865</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">New Hampshire&#151;0.6%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A+</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">3,500</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">New Hampshire Hlth. &amp; Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">10/11 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">3,562,370</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><B><FONT size=2 face="serif">New Jersey&#151;8.9%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">New Jersey Econ. Dev. Auth.,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">B</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">31,410</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines Inc. Proj., 7.00%, 11/15/30</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">11/10 @ 101</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">26,979,619</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa3</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">8,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kapkowski Road Landfill Proj., 6.50%, 4/01/28</FONT></TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">9,027,200</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">Tobacco Settlement Fin. Corp.,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">18,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 6/01/39</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">17,010,900</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 6/01/41</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="13%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">1,976,460</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">54,994,179</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">17</FONT>
</P>

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


<A name="page_38"></A>

<PAGE><A name="page_39"></A>

<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="8%"><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="40%">&nbsp;</TD>
   <TD align="center" width="13%">&nbsp;</TD>
   <TD align="center" width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="13%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="8%"><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="40%">&nbsp;</TD>
   <TD align="center" width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="13%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2 width="8%"><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="53%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="15%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="13%"><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">Ohio&#151;2.4%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa2</FONT></div></TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">14,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B,</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/01/20</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">08/07 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">14,735,625</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">Pennsylvania&#151;4.6%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A3</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">6,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">05/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">6,644,885</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">Pennsylvania Higher Edl. Facs. Auth.,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB+</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Salle Univ., 5.50%, 5/01/34</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">05/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">3,937,160</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">17,250</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">01/06 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">17,808,037</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">28,390,082</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">South Carolina&#151;4.9%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/32</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">11/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">5,042,700</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/01/28</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">11/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">10,307,100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">5,075</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.25%, 8/01/31</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">08/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">5,226,996</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">9,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 6.875%, 8/01/27</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">08/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">9,701,010</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">30,277,806</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">South Dakota&#151;2.1%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">14,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Edl. Enhancement Fdg. Corp., Tobacco Settlement, Ser. B, 6.50%, 6/01/32</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">06/12 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">12,933,480</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">Tennessee&#151;1.4%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">20,825</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Knox Cnty. Hlth. Edl. &amp; Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon,</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/01/20, FSA</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">01/13 @ 67.474</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">8,744,834</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">Texas&#151;17.1%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C,</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">8,655</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 5/01/36</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">9,280,583</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,320</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/38</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">10/13 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">1,416,756</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Harris Cnty. Houston Sports Auth., MBIA,</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">12,580</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 11/15/38</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">11/30 @ 61.166</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">1,585,583</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. H, Zero Coupon, 11/15/35</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">11/31 @ 78.178</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">749,450</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">4,670</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Matagorda Cnty. Navigation Dist. No. 1, 5.60%, 3/01/27</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">03/14 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">4,657,905</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">20,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">05/12 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">20,810,600</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">4,450</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 11/01/11</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">4,771,646</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev.,</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa1</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">6,010</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 11/01/26</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">11/11 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">5,855,363</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">Baa1</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">18,605</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">11/11 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">17,998,105</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">6,515</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">09/12 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">6,051,327</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB-</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">4,435</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">09/12 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">4,119,361</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Texas Tpke. Auth., Central Sys. Rev., AMBAC,</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">35,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/32</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">08/12 @ 30.846</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">6,505,800</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">62,325</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/33</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">08/12 @ 28.997</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">10,876,336</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">65,040</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/34</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">08/12 @ 27.31</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">10,686,072</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">105,364,887</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">Virginia&#151;0.3%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">AAA</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">8,105</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">04/12 @ 34.99</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">1,683,409</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">Washington&#151;0.4%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A-</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">2,190</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">01/07 @ 103</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">2,269,804</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">West Virginia&#151;1.3%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">8,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">04/05 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">8,294,400</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">Wisconsin&#151;9.8%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">BBB</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">26,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">23,338,120</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">Wisconsin Hlth. &amp; Edl. Facs. Auth.,</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A-</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">7,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Hlth. Care, 6.40%, 4/15/33</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">04/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">7,887,825</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A+</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">13,750</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froedert &amp; Cmnty. Hlth. Oblig., 5.375%, 10/01/30</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">10/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">13,571,387</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">15,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Franciscan Svcs., 5.75%, 8/15/30</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">02/12 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">15,440,700</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">60,238,032</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=2 face="serif">U.S. Virgin Islands&#151;0.5%</FONT></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT size=1 face="serif">A</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">3,080</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 width="53%"><FONT size=1 face="serif">Virgin Islands Pub. Fin. Auth., 5.00%, 10/01/31, ACA</FONT></TD>
   <TD align="center" width="15%"><FONT size=1 face="serif">10/14 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">2,995,331</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><B><FONT size=1 face="serif">Total Long-Term Investments (cost $948,415,442)</FONT></B></TD>
   <TD width="13%"><B></B></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=1 face="serif">962,188,400</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">18</FONT>
</P>

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


<A name="page_40"></A>

<PAGE><A name="page_41"></A>

<P>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="66%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="66%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD align="center" width="9%"><B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B></TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="66%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;2.3%</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">Florida&#151;0.5%</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD align="right" width="9%"><div align="center"><FONT size=1 face="serif">A1+</FONT></div></TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,900</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">6</FONT></SUP></TD>
   <TD width="66%"><FONT size=1 face="serif">Palm Beach Cnty. Sch. Brd., COP, Ser. B, 1.08%, 5/06/04, AMBAC, FRWD</FONT></TD>
   <TD align="center" width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">2,900,000</FONT></TD>
  </TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="9%"><div align="center"></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">Texas&#151;0.1%</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD align="right" width="9%"><div align="center"><FONT size=1 face="serif">A1+</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">245</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">6</FONT></SUP></TD>
   <TD width="66%"><FONT size=1 face="serif">Brownsville Util. Sys., Ser. A, 1.03%, 5/05/04, MBIA, FRWD</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">245,000</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="2">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><hr noshade size=2></TD>
   <TD><hr noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD colspan="2"><div align="center"><B><FONT size=2 face="serif">Shares</FONT></B></div></TD>
   <TD width="66%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD colspan="2" align="right"><div align="center"><B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B></div></TD>
   <TD width="66%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><hr noshade size=2></TD>
   <TD><hr noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">Money Market Fund&#151;1.7%</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">10,600</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">10,600,000</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=1 face="serif">Total Short-Term Investments (cost $13,745,000)</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">13,745,000</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=1 face="serif">Total Investments&#151;158.9% (cost $962,160,442)</FONT></B></TD>
   <TD align="center" width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">975,933,400</FONT></TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.2%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">13,542,803</FONT></TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(61.1)%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">(375,156,446</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></TD>
   <TD align="center" width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="11%"><FONT size=1 face="serif">614,319,757</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
  </TR>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of April 30, 2004, the Trust held 7.6% of its net assets, with a current market value of $46,632,235, in securities restricted as to resale.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp;<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. Rate shown as of April 30, 2004.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="6%"><FONT size=2 face="serif">ACA</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="46%"><FONT size=2 face="serif">American Capital Access</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">AMBAC</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="46%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FGIC</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="46%"><FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FRWD</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="46%"><FONT size=2 face="serif">Floating Rate Weekly Demand</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">PCR</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Pollution Control Revenue</FONT></TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">19</FONT>
</P>

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


<A name="page_42"></A>

<PAGE><A name="page_43"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</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 cellspacing=0 cellpadding=0>
<TR>
   <TD width="7%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="44%">&nbsp;</TD>
   <TD align="center" width="11%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="44%">&nbsp;</TD>
   <TD align="center" width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="10%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;135.5%</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><B><FONT size=2 face="serif">California&#151;128.3%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">California, GO,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa1</FONT></TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">960</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/01/05</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%"><div align="center"><FONT size=1 face="serif">N/A</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,005,120</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa1</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">40</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/01/19</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">03/05 @ 101</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">41,593</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">California Cnty. Tobacco Sec. Agcy.,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.00%, 6/01/29</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">903,040</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">900</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanislaus Fdg., Ser. A, 5.875%, 6/01/43</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">760,896</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">California Edl. Facs. Auth., MBIA,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">760</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santa Clara Univ., 5.00%, 9/01/06</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">832,382</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">835</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student Loan Prog., Ser. A, 6.00%, 3/01/16</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">03/07 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">878,412</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">California Pub. Wks. Brd., Lease Rev., Ser. A,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dept. of Corrections., 6.875%, 11/01/04</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,048,740</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A3</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Univ. Proj., 6.10%, 10/01/06</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">10/04 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,037,590</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">Golden St. Tobacco Sec. Corp., Ser. B,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/01/43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">593,604</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">400</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 6/01/38</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">399,620</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">Los Angeles Cnty.,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">09/07 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,099,240</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,101,370</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Aa3</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD colspan=2><FONT size=1 face="serif">Los Angeles Cnty. Pub. Wks. Fin. Auth., Regl. Park &amp; Open Space, Dist. A, 6.00%,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/04</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,040,300</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,150</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">08/06 @ 101</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,246,358</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">B-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">945</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD colspan=2><FONT size=1 face="serif">Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. B,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/01/24</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">12/12 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">821,224</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD colspan=2><FONT size=1 face="serif">Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">09/10 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">962,340</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/06 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,089,690</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD colspan=2><FONT size=1 face="serif">San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">09/12 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">956,990</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/04 @ 101</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">507,050</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">San Francisco City &amp; Cnty. Arpt. Comn., Intl. Arpt. Rev.,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">150</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. 12-A, 5.90%, 5/01/26, MBIA</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">05/06 @ 101</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">159,511</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. 6, 6.125%, 5/01/09, AMBAC</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">05/04 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,020,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">40</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/04 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">40,196</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">08/07 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">541,305</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">370</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">08/07 @ 101</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">394,117</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">18,480,688</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><B><FONT size=2 face="serif">Puerto Rico&#151;7.2%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">02/12 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,033,020</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="44%"><B><FONT size=1 face="serif">Total Long-Term Investments (cost $18,959,797)</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">19,513,708</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">20</FONT>
</P>

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


<A name="page_44"></A>

<PAGE><A name="page_45"></A>

<P>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD align="center" width="10%"><B><FONT size=2 face="serif">Shares</FONT></B></TD>
   <TD width="24%">&nbsp;</TD>
   <TD width="49%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD align="center" width="10%"><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="6%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
  </TR>
<TR>
   <TD width="10%">&nbsp;</TD>
   <TD colspan=2><B><FONT size=2 face="serif">MONEY MARKET FUNDS&#151;9.7%</FONT></B></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
  </TR>
<TR>
   <TD align="center" width="10%"><FONT size=1 face="serif">700</FONT></TD>
   <TD colspan=2><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">700,001</FONT></TD>
  </TR>
<TR>
   <TD align="center" width="10%"><FONT size=1 face="serif">700</FONT></TD>
   <TD width="24%"><FONT size=1 face="serif">SSgA Tax Free Money Mkt. Fund</FONT></TD>
   <TD width="49%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">700,000</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="10%">&nbsp;</TD>
   <TD colspan="3"><B><FONT size=1 face="serif">Total Money Market Funds (cost $</FONT></B><B><FONT size=1 face="serif">1,400,001</FONT></B><B><FONT size=1 face="serif">)</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,400,001</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="10%">&nbsp;</TD>
   <TD colspan="3"><B><FONT size=1 face="serif">Total Investments&#151;145.2% (cost $</FONT></B><B><FONT size=1 face="serif">20,359,798</FONT></B><B><FONT size=1 face="serif">)</FONT></B></TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">20,913,709</FONT></TD>
  </TR>
<TR>
   <TD width="10%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Other assets in excess of liabilities&#151;6.8%</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">984,577</FONT></TD>
  </TR>
<TR>
   <TD width="10%">&nbsp;</TD>
   <TD colspan="2"><FONT size=1 face="serif">Preferred shares </FONT><FONT size=1 face="serif">at redemption value, including dividends payable&#151;(52.0)%</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">(7,500,186</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="10%">&nbsp;</TD>
   <TD colspan=2><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></TD>
   <TD width="6%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">14,398,100</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
  </TR>
</TABLE>
<hr align="left" width="150" size="1" noshade>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">This bond is prerefunded. 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>
</P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="6%"><FONT size=2 face="serif">AMBAC </FONT></TD>
   <TD width="4%"><div align="center"><font size=2 face="serif">&#151;</font></div></TD>
   <TD width="46%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">COP</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="46%"><FONT size=2 face="serif">Certificate of Participation</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FGIC</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="46%"><FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">21</FONT>
</P>

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


<A name="page_46"></A>

<PAGE><A name="page_47"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="6%"><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="65%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="6%"><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="65%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2 width="6%"><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="65%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="9%"><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>

   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;155.6%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><B><FONT size=2 face="serif">California&#151;132.5%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">24,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 9/01/31</FONT></TD>
   <TD width="12%"><div align="center"><FONT size=1 face="serif">No Opt. Call</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,164,600</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,070</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 9/01/32</FONT></TD>
   <TD width="12%"><div align="center"><FONT size=1 face="serif">No Opt. Call</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,205,381</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">California, GO,</FONT></TD>
   <TD width="12%"><div align="center"></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa1</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,157,400</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. BZ, 5.35%, 12/01/21, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/07 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,547,740</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. BZ, 5.375%, 12/01/24, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/07 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,015,150</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">California Cnty. Tobacco Sec. Agcy.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">12,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,337,760</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanislaus Fdg., Ser. A, 5.875%, 6/01/43</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,227,200</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/01/21</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/12 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,120,040</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/01/22</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/12 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">6,145,020</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,191,400</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">California Hlth. Facs. Fin. Auth., Ser. A,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,939,970</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,890</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Proj., 5.40%, 5/01/28</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,083,155</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">California Hsg. Fin. Agcy.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">14,065</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 8/01/31, FSA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/10 @ 31.194</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,132,416</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,945</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Mtge. Rev., Ser. Q, Zero Coupon, 2/01/33, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/11 @ 29.558</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,956,841</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">19,185</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Mtge. Rev., Ser. T, Zero Coupon, 8/01/21, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/11 @ 57.562</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,147,947</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">California Infrastructure &amp; Econ. Dev.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">14,908,950</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,250</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. David Gladstone Inst. Proj., 5.25%, 10/01/34</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">10/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">14,713,810</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">13,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/11 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">13,768,515</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 8/15/42</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,149,400</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Daly City Hsg. Dev. Fin. Agcy., Sr. Franciscan Acquisition Proj., Ser. A,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/15/32</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/13 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,071,200</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><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 align="center" width="12%"><FONT size=1 face="serif">01/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">6,099,900</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,485</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/29</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/11 @ 37.373</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,687,868</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,485</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/30</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/11 @ 35.365</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,584,200</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,485</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/11 @ 33.465</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,478,362</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">01/10 @ 25.78</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">882,850</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/34</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">01/10 @ 24.228</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">826,100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">13,445</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/35</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">01/10 @ 22.819</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,083,975</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/38</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">01/10 @ 19.014</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">126,960</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">9,620</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/15/40</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">01/10 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">9,768,437</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Golden St. Tobacco Sec. Corp.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.75%, 6/01/39</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,820,600</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,200</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.50%, 6/01/43</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,091,268</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,800</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.625%, 6/01/38</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,794,490</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">03/08 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,824,150</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Lathrop Fin. Auth., Wtr. Suply. Proj.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,855</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/01/27</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,777,744</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,140</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/01/35</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,073,437</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">B-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,110</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/01/24</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/12 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,571,672</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Palm Springs Mobile Home Park., Sahara Mobile Home Park, 5.625%, 5/15/26</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/12 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">979,560</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Rancho Cucamonga Comnty. Facs. Dist., Ser. A, 6.50%, 9/01/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">09/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,126,400</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 9/01/30, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">09/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">15,549,910</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,905</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">Richmond Wst. &amp; Wtr., Zero Coupon, 8/01/31, FGIC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">408,870</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">San Francisco City &amp; Cnty. Arpt. Comn., Intl. Arpt. Rev., Ser. 27-A,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/01/31, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">6,482,515</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">San Francisco City &amp; Cnty. Redev. Agcy., Cmnty. Facs. Dist.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,775</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Bay South, 6.125%, 8/01/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/09 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,807,465</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Bay South, 6.25%, 8/01/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,532,625</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">San Jose Mult. Fam. Hsg.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,880</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenzen Hsg., Ser. B, 5.45%, 2/20/43</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/11 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,906,928</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,225</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="65%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">04/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,270,672</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">22</FONT>
</P>

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


<A name="page_48"></A>

<PAGE><A name="page_49"></A>

<P>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="20%">&nbsp;</TD>
   <TD align="center" width="20%">&nbsp;</TD>
   <TD align="center" width="17%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="20%">&nbsp;</TD>
   <TD align="center" width="20%">&nbsp;</TD>
   <TD align="center" width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
  </TR>
<TR>
   <TD 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" colspan=3><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD colspan="3" align="center"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
  </TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><B><FONT size=2 face="serif">California&#151;(cont&#146;d)</FONT></B></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Santa Clara Cnty. Hsg. Auth., Mult. Fam. Hsg., Ser. A,</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="4%"><div align="right"><FONT size=1 face="serif">$</FONT></div></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,250</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blossom River Apts., 6.50%, 9/01/39</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">03/08 @ 102</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">5,667,250</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A3</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,715</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Burns Gardens Apts. Proj., 5.85%, 8/01/31</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/12 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">1,715,978</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A3</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,235</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Town Apts. Proj., 6.00%, 8/01/41</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/12 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">1,241,533</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,075</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/10 @ 102</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">3,020,542</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,345</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=3><FONT size=1 face="serif">Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/11 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">4,176,850</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=3><FONT size=1 face="serif">Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/01/36</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">5,708,850</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">11,500</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 6/01/43</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">9,341,105</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/13 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">2,031,480</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,245</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=3><FONT size=1 face="serif">Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">10/13 @ 102</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">2,228,162</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A2</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=3><FONT size=1 face="serif">Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">04/08 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">2,012,440</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">282,685,043</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><B><FONT size=2 face="serif">Delaware&#151;5.6%</FONT></B></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">7,650,580</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">4,398,760</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">12,049,340</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><B><FONT size=2 face="serif">Maryland&#151;4.9%</FONT></B></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC,</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.30%, 6/30/49</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">7,279,510</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="4%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.80%, 6/30/50</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">3,106,260</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">10,385,770</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><B><FONT size=2 face="serif">Puerto Rico&#151;12.6%</FONT></B></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/12 @ 101</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">10,146,600</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 8/01/25</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/10 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">10,629,300</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,750</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/01/30</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/07 @ 100</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">6,041,755</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">26,817,655</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><B><FONT size=1 face="serif">Total Long-Term Investments (cost $</FONT></B></TD>
   <TD width="20%"><B><FONT size=1 face="serif">335,239,992)</FONT></B></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">331,937,808</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="2"><div align="center"><B><FONT size=2 face="serif">Shares</FONT></B></div></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="2" align="right"><div align="center"><B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B></div></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><B><FONT size=2 face="serif">MONEY MARKET FUND&#151;4.2%</FONT></B></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">9,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=3><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $</FONT><FONT size=1 face="serif">9,000,000)</FONT></TD>
   <TD width="12%"><div align="center"><FONT size=1 face="serif">N/A</FONT></div></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">9,000,000</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="20%"><B><FONT size=1 face="serif">Total Investments&#151;159.8% (cost $</FONT></B></TD>
   <TD width="20%"><B><FONT size=1 face="serif">344,239,992)</FONT></B></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">340,937,808</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.1%</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">4,428,159</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="3"><FONT size=1 face="serif">Preferred shares </FONT><FONT size=1 face="serif">at redemption value, including dividends payable&#151;(61.9)%</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">(131,957,495</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=2><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=1 face="serif">213,408,472</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
  </TR>
</TABLE>
<HR align="left" width="150" size=1 noshade>
<SUP><FONT size=1 face="serif">1</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>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. </FONT><SUP><P></P><FONT size=1
face="serif">3</FONT></SUP><FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>
<p></P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP><FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">5</FONT></SUP><FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of April 30, 2004, the Trust held 10.5% of its net assets, with a current market value of $22,435,110, in securities restricted as to resale.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="6%"><FONT size=2 face="serif">AMBAC</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">COP</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">Certificate of Participation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">ETM</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">Escrowed to Maturity</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FGIC</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="34%">&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><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>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">23</FONT>
</P>

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


<A name="page_50"></A>

<PAGE><A name="page_51"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</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 cellspacing=0 cellpadding=0>
<TR>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="63%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="63%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="63%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD align="center" width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;146.9%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><B><FONT size=2 face="serif">Florida&#151;126.2%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%"><div align="right"><FONT size=1 face="serif">$</FONT></div></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">170</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC</FONT></TD>
   <TD width="12%"><div align="center"><FONT size=1 face="serif">ETM</FONT></div></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">200,818</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/06 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,067,810</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa1</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Capital Trust Agcy. Multi-Fam., American Opp., Ser. A, 5.875%, 6/01/38</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/13 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">924,910</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/06 @ 101</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,034,460</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">10/05 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,066,070</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Dade Cnty. GO, Ser. B, Zero Coupon, 10/1/08, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">629,150</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Dade Cnty. Sch. Brd., COP, Ser. A, 6.00%, 5/1/04, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,010,000</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">First Florida Govt&#146;l. Fin. Com., 5.75%, 7/1/06, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,092,740</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/1/05</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,058,960</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/01/15, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">03/05 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">528,900</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Florida Dept. of Trans., GO, 5.80%, 7/1/05</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,061,880</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn., Ser. A,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/1/05, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,061,300</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">280</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.25%, 7/01/11</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/04 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">286,185</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Jacksonville Cap. Impvt., Gator Bowl Proj., 5.50%, 10/01/14, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">10/04 @ 101</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,025,330</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,080,960</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/14 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">492,690</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">04/08 @ 28.079</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,051,200</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A+</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">750</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Miami Hlth. Facs. Auth., Catholic Hlth. East, Ser. C, 5.125%, 11/15/24</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/13 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">726,330</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys., 5.50%, 11/15/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/13 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,013,120</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Seminole Cnty. Sch. Brd., COP, Ser. A, 6.125%, 7/01/04, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,028,060</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">660</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Stevens Plantation Impvt. Proj., 6.375%, 5/01/13</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">661,927</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/13 @ 101</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,036,130</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,099,650</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB+</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">10/06 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,053,460</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">21,292,040</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><B><FONT size=2 face="serif">Puerto Rico&#151;20.7%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Puerto Rico Elec. Pwr. Auth.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. T, 6.375%, 7/01/04</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,028,450</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. U, 6.00%, 7/01/14</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/04 @ 102</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,024,440</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">380</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="63%"><FONT size=1 face="serif">Puerto Rico Pub. Bldg. Auth., Pub. Ed. &amp; Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">398,689</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/12 @ 100</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,033,020</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">3,484,599</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><B><FONT size=1 face="serif">Total Investments&#151;146.9% (cost $23,422,988)</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">24,776,639</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Other assets in excess of liabilities&#151;3.5%</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">589,658</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(50.4)%</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">(8,500,244</FONT></TD>
   <TD width="0%"><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="63%"><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="center" width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">16,866,053</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<HR align="left" width="150" size=1 noshade>
<SUP><FONT size=1 face="serif">1</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>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP><FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP><FONT size=1 face="serif">This bond is prerefunded. 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>
</P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP><FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="6%"><FONT size=2 face="serif">AMBAC </FONT></TD>
   <TD width="4%"><div align="center"><font size=2 face="sans-serif">&#151;</font></div></TD>
   <TD width="45%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="36%"><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">COP</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">Certificate of Participation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="36%"><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">ETM</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">Escrowed to Maturity</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="36%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FGIC</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%">&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><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>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">24</FONT>
</P>

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


<A name="page_52"></A>

<PAGE><A name="page_53"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="64%">&nbsp;</TD>
   <TD align="center" width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="64%">&nbsp;</TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="64%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;155.0%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><B><FONT size=2 face="serif">Florida&#151;134.3%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="1%"><div align="right"><FONT size=1 face="serif">$</FONT></div></TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">7,715</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">05/12 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">8,007,013</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Boynton Beach Multi-Family Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">01/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,008,060</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,800</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Loan Prog., Ser. F-1,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31, MBIA</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">08/11 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,762,844</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa1</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Capital Trust Agcy. Multi-Family, American Opp., Ser. A, 5.875%, 6/01/38</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">06/13 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">924,910</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="2%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="64%"><FONT size=1 face="serif">Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,144,060</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Florida Brd. of Ed., GO,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">5,550</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.125%, 6/01/30</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">06/10 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,639,965</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. J, 5.00%, 6/01/24, AMBAC</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">06/13 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,011,350</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/09 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,070,740</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,870</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,878,983</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,715</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">05/13 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,764,032</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">6,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">11/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">6,823,440</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,450</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,415,838</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">7,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%, 11/15/36</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">11/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,691,700</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Jacksonville Transp., 5.00%, 10/01/26, MBIA</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,021,880</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">JEA Elec. Sys.,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 10/01/33</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">06/04 @ 100.5</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,003,100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.50%, 10/01/41</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/07 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,218,550</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">7,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">JEA Wtr. &amp; Swr. Sys., Ser. C, 5.25%, 10/01/37</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/06 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,580,550</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,675</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">05/13 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,697,964</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">&nbsp;AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,770</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Melbourne Wtr. &amp; Swr., Zero Coupon, 10/01/21, FGIC</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,180,657</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">11/14 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,956,140</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">07/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,019,730</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Miami Dade Cnty., Spec. Oblig. Rev., MBIA,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,595</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 10/01/19</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">04/08 @ 55.413</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,143,435</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">9,700</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 10/01/33</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">04/08 @ 25.056</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,808,953</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">25,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, Zero Coupon, 10/01/28</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">04/08 @ 32.99</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">6,280,750</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. &amp; Impvt. Unit Dev. 43,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,680</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 8/01/21</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">08/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,718,203</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">3,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 8/01/31</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">08/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,541,650</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">08/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,515,150</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Aa3</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">12,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">02/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">11,985,600</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/09 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,505,400</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,850</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/09 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,864,336</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">05/13 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,072,260</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">5,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">04/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,725,995</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Tampa Wtr. &amp; Swr., Ser. A, 5.00%, 10/01/26</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/11 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,013,880</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Village Cmnty. Dev. Dist., Assmt. Rev., Ser. A,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/01/22</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">05/13 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,040,920</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">1,950</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 5/01/33</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">05/13 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,011,659</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%, 10/15/29</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">10/09 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,019,920</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">133,069,617</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><B><FONT size=2 face="serif">Puerto Rico&#151;20.7%</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Children&#146;s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">05/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,536,620</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">7,500</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Puerto Rico, GO, Ser. A, 5.125%, 7/01/31</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,510,125</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 8/01/25</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">02/10 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,251,720</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="4%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/01/30</FONT></TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">02/07 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,152,220</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">20,450,685</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="64%"><B><FONT size=1 face="serif">Total Long-Term Investments (cost $151,305,123)</FONT></B></TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">153,520,302</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">25</FONT>
</P>

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


<A name="page_54"></A>

<PAGE><A name="page_55"></A>

<P>
<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD align="right" width="9%"><div align="center"><B><FONT size=2 face="serif">Shares</FONT></B></div></TD>
   <TD width="33%">&nbsp;</TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD align="right" width="9%"><div align="center"><B><FONT size=2 face="serif">(000)</FONT></B></div></TD>
   <TD colspan="3" align="center"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD align="center" width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="33%"><B><FONT size=2 face="serif">MONEY MARKET FUND&#151;0.9%</FONT></B></TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD width="9%"><div align="center"><FONT size=1 face="serif">900</FONT></div></TD>
   <TD colspan="3"><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $</FONT><FONT size=1 face="serif">900,000</FONT><FONT size=1 face="serif">)</FONT></TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">900,000</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="33%"><B><FONT size=1 face="serif">Total Investments&#151;155.9% (cost $152,205,123)</FONT></B></TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">154,420,302</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="33%"><FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.2%</FONT></TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,184,398</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD colspan="2"><FONT size=1 face="serif">Preferred shares </FONT><FONT size=1 face="serif">at redemption value, including dividends payable&#151;(58.1)%</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">(57,554,489</FONT></TD>
   <TD width="1%"><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="33%"><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">99,050,211</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<HR align="left" width="150" size=1 noshade>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="6%"><FONT size=2 face="serif">ACA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">American Capital Access</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="35%"><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">AMBAC </FONT></TD>
   <TD><div align="center"><font size=2 face="sans-serif">&#151;</font></div></TD>
   <TD width="44%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="35%"><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">COP</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Certificate of Participation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="35%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">ETM</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Escrowed to Maturity</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">PCR</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="35%"><FONT size=2 face="serif">Pollution Control Revenue</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FGIC</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">RAA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="35%"><FONT size=2 face="serif">Radian Asset Assurance</FONT></TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">26</FONT>
</P>

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


<A name="page_56"></A>

<PAGE><A name="page_57"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</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 cellspacing=0 cellpadding=0>
<TR>
   <TD width="7%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="51%">&nbsp;</TD>
   <TD align="center" width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="51%">&nbsp;</TD>
   <TD align="center" width="14%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="14%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;144.0%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%"><B><FONT size=2 face="serif">New Jersey&#151;122.4%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Delaware River Port. Auth. of PA </FONT><FONT size=1 face="serif">&amp; NJ, 5.75%, 1/01/26, FSA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">01/10 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,080,700</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,090,180</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa1</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Middlesex Cnty. Impvt. Auth., St. Student Hsg. Proj., Ser. A, 5.00%, 8/15/35</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">08/14 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">970,380</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%"><FONT size=1 face="serif">New Jersey Econ. Dev. Auth.,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">B</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">925</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines Inc. Proj., 7.00%, 11/15/30</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">11/10 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">794,529</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mkt. Trans. Fac., Ser. A, 5.875%, 7/01/04, MBIA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,027,670</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">900</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,016,244</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trigen-Trenton Proj., Ser. A, 6.20%, 12/01/10</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">510,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">New Jersey Edl. Fac. Auth., Rowan College, Ser. E, 5.875%, 7/01/06, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,095,370</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%"><FONT size=1 face="serif">New Jersey Hlth. Care Fac. Fin. Auth.,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hackensack Univ. Med. Ctr, 6.00%, 1/01/25</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">01/10 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,039,660</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverview Med. Ctr., 5.50%, 7/01/04, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,027,090</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Josephs Hosp. &amp; Med. Ctr., 5.75%, 7/01/16, CONNIE LEE</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/06 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,086,710</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">115</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">New Jersey Hsg. &amp; Mtge. Fin., Home Buyer, Ser. O, 6.35%, 10/01/27, MBIA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">10/05 @ 101.5</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">117,741</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%"><FONT size=1 face="serif">New Jersey Tpke. Auth., Ser. C,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">785</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/01/16, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">ETM</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">936,340</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">215</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/01/16, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">257,372</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">New Jersey Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">375</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="51%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/05</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">399,922</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">625</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="51%"><div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/15</FONT></div></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/05 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">663,644</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">375</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD align="center" width="51%"><div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/15/05</FONT></div></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">400,954</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">625</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="51%"><div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/15/14</FONT></div></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/05 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">665,356</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">No. Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,037,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">12/09 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,112,450</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Port Auth. of NY &amp; NJ, 5.75%, 12/15/20</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/05 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,051,330</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Tobacco Settlement Fin. Corp., 6.125%, 6/01/42</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">859,480</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">18,240,122</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%"><B><FONT size=2 face="serif">Delaware&#151;7.4%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">5,6</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,107,830</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%"><B><FONT size=2 face="serif">Puerto Rico&#151;14.2%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">Comnwlth. of Puerto Rico, 5.40%, 7/01/06, FSA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,091,300</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Puerto Rico Elec. Pwr. Auth., Ser. U, 6.00%, 7/01/14</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/04 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,024,440</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,115,740</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD><B><FONT size=1 face="serif">Total Long-Term Investments (cost $</FONT></B><B><FONT size=1 face="serif">20,107,558)</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">21,463,692</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><div align="center"><B><FONT size=2 face="serif">Shares</FONT></B></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="51%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan="2"><div align="center"><b><font size=2 face="serif">(000</font></b><b><font size=2 face="serif">)</font></b></div></TD>
   <TD width="3%"><B></B></TD>
   <TD width="51%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD><B><FONT size=2 face="serif">MONEY MARKET </FONT></B><B><FONT size=2 face="serif">FUND&#151;1.0%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=1 face="serif">150</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right"><div align="left"><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $</FONT><FONT size=1 face="serif">150,000)</FONT></div>     </TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">150,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD><B><FONT size=1 face="serif">Total Investments&#151;145.0% (cost $</FONT></B><B><FONT size=1 face="serif">20,257,558)</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">21,613,692</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right"><div align="left"><FONT size=1 face="serif">Other assets in excess of liabilities&#151;5.3%</FONT></div></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">793,940</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD><FONT size=1 face="serif">Preferred shares </FONT><FONT size=1 face="serif">at redemption value, including dividends payable&#151;(50.3)%</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">(7,500,278</FONT></TD>
   <TD width="2%"><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right"><div align="left"><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></div></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">14,907,354</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<HR align="left" width="150" size=1 noshade>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">This bond is prerefunded. 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>
</P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of April 30, 2004, the Trust held 7.4% of its net assets, with a current market value of $1,107,830, in securities restricted as to resale.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="12%"><FONT size=2 face="serif">AMBAC</FONT></TD>
   <TD align="center" width="7%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="36%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center" width="6%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="33%"><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">CONNIE LEE</FONT></TD>
   <TD align="center" width="7%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="36%"><FONT size=2 face="serif">College Construction Loan Insurance Association</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="6%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="33%"><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">ETM</FONT></TD>
   <TD align="center" width="7%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="36%"><FONT size=2 face="serif">Escrowed to Maturity</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center" width="6%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="33%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">27</FONT>
</P>

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


<A name="page_58"></A>

<PAGE><A name="page_59"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</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 cellspacing=0 cellpadding=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="6%"><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="66%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="6%"><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="66%">&nbsp;</TD>
   <TD align="center" width="10%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2 width="6%"><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="66%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="10%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="10%"><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;154.3%</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">New Jersey&#151;110.1%</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Cherry Hill Twnshp., GO,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,065</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/22</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,163,292</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,275</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/23</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,349,513</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">12,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Garden St. Presvtn. Trust, Open Space &amp; Farmland Presvtn., Zero Coupon, 11/01/26, FSA</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,785,796</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,750</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Middlesex Cnty., COP, 5.00%, 8/01/31, MBIA</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">08/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,767,748</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Middlesex Cnty. Impvt. Auth.,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,400</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admin. Bldg. Res. Proj., 5.35%, 7/01/34</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,417,234</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,470</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">08/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,499,279</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">New Jersey Econ. Dev. Auth.,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">B</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,450</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines Inc. Proj., 7.00%, 11/15/30</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">11/10 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,963,378</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">B</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines Inc. Proj., 7.20%, 11/15/30</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">11/10 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,760,520</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,630</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">01/09 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,559,148</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,050</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">11/14 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,902,823</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa3</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kapkowski Road Landfill Proj., 6.50%, 4/01/28</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,821,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa3</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kapkowski Road Landfill Proj., 6.50%, 4/01/31</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,488,050</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masonic Charity Fndtn. Proj., 5.50%, 6/01/31</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/11 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,063,740</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Aaa</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,970</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria Hlth., Ser. A, 5.20%, 12/20/36</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">12/11 @ 103</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,008,533</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">New Jersey Edl. Facs. Auth.,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,023,280</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,120</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/13 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,264,902</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">New Jersey Hlth. Care Fac. Fin. Auth.,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic City Med. Ctr., 5.75%, 7/01/25</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">4,645,170</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catholic Hlth. East, Ser. A, 5.375%, 11/15/33</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">11/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,005,670</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A3</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy Hlth. Sys., 5.625%, 7/01/31</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,141,900</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa1</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,960</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So. Jersey Hosp., 6.00%, 7/01/26</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,008,275</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Baa1</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So. Jersey Hosp., 6.00%, 7/01/32</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,617,370</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,540</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,565,856</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">New Jersey Hsg. &amp; Mtg. Fin. Agcy., Mult. Fam. Hsg. Rev., Ser. A, 5.05%, 5/01/34, FSA</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">05/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,931,990</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Aaa</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,970</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/12 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,014,699</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">8,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Port Auth. of NY &amp; NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">12/07 @ 102</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">8,525,760</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">18,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Tobacco Settlement Fin. Corp., 6.125%, 6/01/42</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">15,470,640</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Trenton Pkg. Auth., FGIC,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,465</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/01/25</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">04/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,524,732</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/01/30</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">04/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,007,840</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Vineland, GO, MBIA,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 5/15/30</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">05/10 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,528,050</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/15/31</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">05/10 @ 101</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,537,350</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">121,363,538</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">Delaware&#151;9.4%</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">7,650,580</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,500</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,749,225</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">10,399,805</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">Maryland&#151;4.7%</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.30%, 6/30/49</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,119,790</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4,5</FONT></SUP></TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.80%, 6/30/50</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,070,840</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,190,630</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><B><FONT size=2 face="serif">Puerto Rico&#151;30.1%</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,855</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.20%, 12/01/33</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,867,619</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,855</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.30%, 12/01/28</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">06/11 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">2,858,198</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,800</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Puerto Rico Hwy. &amp; Transp. Auth., Ser. D, 5.25%, 7/01/38</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">5,872,964</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">Puerto Rico Pub. Bldgs. Auth., Ser. D,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 7/01/31, AMBAC</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/17 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">3,301,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="66%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gov't. Facs., 5.25%, 7/01/36</FONT></TD>
   <TD align="center" width="10%"><FONT size=1 face="serif">07/12 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">6,581,770</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">28</FONT>
</P>

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


<A name="page_60"></A>

<PAGE><A name="page_61"></A>

<P>
<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="6%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="14%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="31%">&nbsp;</TD>
   <TD align="center" width="0%">&nbsp;</TD>
   <TD align="center" width="11%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="14%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="31%">&nbsp;</TD>
   <TD align="center" width="0%">&nbsp;</TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD colspan="5" align="center"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="0%">&nbsp;</TD>
   <TD align="center" width="11%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD align="center" width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="5"><B><FONT size=2 face="serif">Puerto Rico&#151;(cont&#146;d)</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="5"><FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="3%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 8/01/25</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">02/10 @ 100</FONT></TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">4,251,720</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,040</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/01/30</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="center" width="11%"><FONT size=1 face="serif">02/07 @ 100</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">7,397,209</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">33,130,480</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="5"><B><FONT size=1 face="serif">Total Long-Term Investments (cost</FONT></B><B><FONT size=1 face="serif">$</FONT></B><B><FONT size=1 face="serif">167,769,856</FONT></B><B><FONT size=1 face="serif">)</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">170,084,453</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan="2"><div align="center"><B><FONT size=2 face="serif">Shares</FONT></B></div></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan="2"><div align="center"><B><FONT size=2 face="serif">(000)</FONT></B></div></TD>
   <TD width="3%"><B></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="5"><B><FONT size=2 face="serif">MONEY MARKET </FONT></B><B><FONT size=2 face="serif">FUND&#151;1.2%</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,300</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=6><div align="left"><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $</FONT><FONT size=1 face="serif">1,300,000</FONT><FONT size=1 face="serif">)</FONT></div></TD>
   <TD width="11%"><div align="center"><FONT size=1 face="serif">N/A</FONT></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,300,000</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="5"><B><FONT size=1 face="serif">Total Investments&#151;155.5% (cost $</FONT></B><B><FONT size=1 face="serif">169,069,856</FONT></B><B><FONT size=1 face="serif">)</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">171,384,453</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=5><div align="left"><FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.4%</FONT></div></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,620,531</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="5"><FONT size=1 face="serif">Preferred shares </FONT><FONT size=1 face="serif">at redemption value, including dividends payable&#151;(57.9)%</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">(63,801,732</FONT></TD>
   <TD width="1%"><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>

   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=5><div align="left"><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></div></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">110,203,252</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<HR align="left" width="150" size=1 noshade>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of April 30, 2004, the Trust held 14.1% of its net assets, with a current market value of $15,590,435, in securities restricted as to resale.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="6%"><FONT size=2 face="serif">AMBAC </FONT></TD>
   <TD width="5%"><div align="center"><font size=2 face="sans-serif">&#151;</font></div></TD>
   <TD width="44%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center" width="6%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">COP</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Certificate of Participation</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="6%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FGIC</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center" width="6%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">29</FONT>
</P>

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


<A name="page_62"></A>

<PAGE><A name="page_63"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</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 cellspacing=0 cellpadding=0>
<TR>
   <TD width="6%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="59%">&nbsp;</TD>
   <TD align="center" width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="59%">&nbsp;</TD>
   <TD align="center" width="14%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="59%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="14%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;137.0%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><B><FONT size=2 face="serif">New York&#151;122.7%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%"><div align="right"><FONT size=1 face="serif">$</FONT></div></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33, MBIA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/08 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">991,080</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,120,307</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">11/06 @ 102</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,079,530</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">New York City, GO,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">820</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.00%, 5/15/10</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">952,217</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">180</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.00%, 5/15/30</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">05/10 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">195,763</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.70%, 8/15/12</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">08/05 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,060,100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. I, 5.875%, 3/15/18</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">03/06 @ 101.5</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,070,160</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/01/08</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,022,340</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 1/01/09</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,022,400</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">New York City Mun. Wtr. Fin. Auth., Ser. A, 6.00%, 6/15/05</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,062,670</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">New York City Transl. Fin. Auth., Ser. B,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">815</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/15/10</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">948,847</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">185</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/21</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">05/10 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">208,303</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/15/10</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,164,230</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">New York Dorm. Auth.,</FONT></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,250</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Univ., 6.125%, 7/01/04, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,285,075</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Univ., 6.20%, 7/01/04, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,028,180</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">750</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">02/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">749,527</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Aa3</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kateri Residence, 5.00%, 7/01/22</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">997,430</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BB+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/10 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,001,920</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,005</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">No Opt. Call</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,099,832</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Univ. Edl. Fac., Ser. B, 6.00%, 5/15/04</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,021,400</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Univ. Edl. Fac., Ser. B, 6.25%, 5/15/04</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,021,470</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univ. of Rochester, Ser. B, 5.625%, 7/01/24</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">07/09 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,063,580</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">New York Urban Dev. Corp., Correctional Facs., 5.70%, 1/01/07, MBIA</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,109,740</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Caa2</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">Port Auth. of NY &amp; NJ, Spec. Oblig., Cont&#146;l/Eastern Proj. LaGuardia, 9.125%, 12/01/15</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">06/04 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,021,550</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">24,297,651</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><B><FONT size=2 face="serif">Puerto Rico&#151;12.7%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">Children&#146;s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">05/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">461,385</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">Puerto Rico Elec. Pwr. Auth., Ser. T, 6.00%, 7/01/04</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,027,780</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">02/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,033,020</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,522,185</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><B><FONT size=2 face="serif">Trust Territories&#151;1.6%</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Ba3</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">315</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD width="59%"><FONT size=1 face="serif">Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33</FONT></TD>
   <TD align="center" width="14%"><FONT size=1 face="serif">10/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">314,795</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="59%"><B><FONT size=1 face="serif">Total Long-Term Investments (cost $25,587,174)</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">27,134,631</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">30</FONT>
</P>

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


<A name="page_64"></A>

<PAGE><A name="page_65"></A>

<P>
<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD align="center" width="16%"><B><FONT size=2 face="serif">Shares</FONT></B></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="48%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="16%"><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="8%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD align="center" width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2>
     <HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2>
     <HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD colspan=2><B><FONT size=2 face="serif">MONEY MARKET FUNDS&#151;7.8%</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="16%"><FONT size=1 face="serif">950</FONT></TD>
   <TD colspan=2><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">950,000</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="16%"><FONT size=1 face="serif">600</FONT></TD>
   <TD width="17%"><FONT size=1 face="serif">SSgA Tax Free Money Mkt. Fund</FONT></TD>
   <TD width="48%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">600,000</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD colspan="3"><B><FONT size=1 face="serif">Total Money Market Funds (cost $</FONT></B><B><FONT size=1 face="serif">1,550,000</FONT></B><B><FONT size=1 face="serif">)</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">1,550,000</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD colspan="3"><B><FONT size=1 face="serif">Total Investments&#151;144.8% (cost $</FONT></B><B><FONT size=1 face="serif">27,137,174</FONT></B><B><FONT size=1 face="serif">)</FONT></B></TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">28,684,631</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD colspan=2><FONT size=1 face="serif">Other assets in excess of liabilities&#151;4.7%</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">924,892</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD colspan="2"><FONT size=1 face="serif">Preferred shares </FONT><FONT size=1 face="serif">at redemption value, including dividends payable&#151;(49.5)%</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">(9,801,341</FONT></TD>
   <TD width="0%"><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD colspan=2><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="center" width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="9%"><FONT size=1 face="serif">19,808,182</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<HR align="left" width="150" size=1 noshade>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date
indicated, typically at a premium to par.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="7%"><FONT size=2 face="serif">AMBAC</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="43%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="36%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="43%"><FONT size=2 face="serif">General Obligation</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="36%">&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><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>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">31</FONT>
</P>

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


<A name="page_66"></A>

<PAGE><A name="page_67"></A>

<P>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
APRIL 30, 2004</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 cellspacing=0 cellpadding=0>
<TR>
   <TD width="6%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="62%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="62%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="62%"><B><FONT size=2 face="serif">Description</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;155.4%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><B><FONT size=2 face="serif">New York&#151;123.9%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,976,160</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Met. Transp. Auth., Ded. Tax Fund, Ser. A,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">12,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">11,777,160</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">12,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 11/15/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">11,976,000</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">New York City, GO,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,290</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.375%, 3/15/12</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">3,667,528</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,710</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.375%, 3/15/28</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">03/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,775,365</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. D, 5.375%, 6/01/32</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">7,130,970</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">New York City Ind. Dev. Agcy.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">750</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marymount Sch. Proj., 5.125%, 9/01/21, ACA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">09/11 @ 102</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">758,715</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marymount Sch. Proj., 5.25%, 9/01/31, ACA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">09/11 @ 102</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,943,600</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,550</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Charter Presbyterian, 5.25%, 12/15/32, FSA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/11 @ 102</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,571,344</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">14,850</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">14,125,468</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term. One Grp. Assoc. Proj., 6.00%, 1/01/19</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/04 @ 102</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,134,220</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">New York City Mun. Wtr. Fin. Auth.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 6/15/32, FGIC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">3,994,800</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 6/15/32</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,928,250</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">New York City Transl. Fin. Auth., Ser. C,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,940</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/01/09</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,572,788</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA+</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,660</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/01/29</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/09 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">3,639,870</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,700</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">New York Cntys. Tobacco Trust III, 6.00%, 6/01/43</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,236,025</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">New York Dorm. Auth.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,235</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Univ., Ser. A, 5.25%, 7/01/11</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">17,000,889</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">1,765</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Univ., Ser. A, 5.25%, 7/01/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">1,780,479</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,780</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/11 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">11,029,772</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">9,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Sch. Univ., 5.00%, 7/01/41, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">8,928,000</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">4,951,650</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. Shore Long Island Jewish Grp., 5.375%, 5/01/23</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,035,700</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. Shore Long Island Jewish Grp., 5.50%, 5/01/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,016,180</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">New York Mtg. Agcy.,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Aa1</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,950</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. 101, 5.40%, 4/01/32</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">10/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">5,956,842</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Aaa</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">15,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.30%, 10/01/31</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">04/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">15,476,905</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA-</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,290</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">N/A</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,782,570</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Port Auth. of NY &amp; NJ,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">9,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. 124, 5.00%, 8/01/36, FGIC</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/08 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">9,120,095</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Caa2</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">9,250</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spec. Oblig., Cont'l/Eastern Proj. LaGuardia, 9.125%, 12/01/15</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/04 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">9,449,338</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AAA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">13,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">12/07 @ 102</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">13,854,360</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,231,975</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">08/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">4,463,050</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Suffolk Cnty. Indl. Dev. Agcy., KeySpan Port Jefferson Proj., 5.25%, 6/01/27</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/13 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,908,370</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">TSASC Inc., Tobacco Settlement Rev., Ser. 1,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/15/32</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/12 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">4,688,900</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">8,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 7/15/39</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/09 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">7,829,680</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">AA</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">10/11 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,513,500</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/10 @ 101</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,021,260</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">230,247,778</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><hr noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><B><FONT size=2 face="serif">Delaware&#151;6.8%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif">5,6</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,557,640</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,500</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif"> 5,6</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,048,295</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">12,605,935</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><B><FONT size=2 face="serif">Maryland&#151;5.0%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%"><FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif"> 5,6</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.30%, 6/30/49</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">06/09 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,239,580</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">NR</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">3,000</FONT></TD>
   <TD width="3%"><SUP><FONT size=1 face="serif"> 5,6</FONT></SUP></TD>
   <TD width="62%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.80%, 6/30/50</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">11/10 @ 100</FONT></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">3,106,260</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="62%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">9,345,840</FONT></TD>
   <TD width="0%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">32</FONT>
</P>

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


<A name="page_68"></A>

<PAGE><A name="page_69"></A>

<P>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY) (continued)</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Principal</FONT></B></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="16%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="24%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Amount</FONT></B></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="16%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="24%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Option Call</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD 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" colspan=2><B><FONT size=2 face="serif">(000)</FONT></B></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD colspan="5" align="center"><b><font size=2 face="serif">Description</font></b></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD align="center" width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2>     </TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="5"><B><FONT size=2 face="serif">Puerto Rico&#151;18.1%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB</FONT></TD>
   <TD width="4%"><div align="right"><FONT size=1 face="serif">$</FONT></div></TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">4,060</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=5><FONT size=1 face="serif">Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">05/12 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">3,746,446</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">A-</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">6,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=5><FONT size=1 face="serif">Puerto Rico Pub. Bldgs. Auth., Gov&#146;t. Facs., Ser. D, 5.25%, 7/01/36</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">07/12 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,075,480</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="5"><FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">10,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="16%"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/01/29</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="24%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/12 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">10,330,200</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">7,000</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="16%"><div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 8/01/25</FONT></div></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="24%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/10 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">7,440,510</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">BBB+</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">5,750</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="16%"><div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/01/30</FONT></div></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="24%">&nbsp;</TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">02/07 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">6,041,755</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="24%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">33,634,391</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="5"><B><FONT size=2 face="serif">Trust Territories&#151;1.6%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Ba3</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,945</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=5><FONT size=1 face="serif">Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33</FONT></TD>
   <TD align="center" width="12%"><FONT size=1 face="serif">10/13 @ 100</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,943,086</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="5"><B><FONT size=1 face="serif">Total Long-Term Investments (cost</FONT></B><B><FONT size=1 face="serif">$</FONT></B><B><FONT size=1 face="serif">282,825,088</FONT></B><B><FONT size=1 face="serif">)</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">288,777,030</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan="2"><div align="center"><B><FONT size=2 face="serif">Shares</FONT></B></div></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="24%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan="2"><div align="center"><B><FONT size=2 face="serif">(000)</FONT></B></div></TD>
   <TD width="4%"><B></B></TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="24%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=5><B><FONT size=2 face="serif">MONEY MARKET FUND&#151;1.5%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=1 face="serif">2,700</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=5><FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $</FONT><FONT size=1 face="serif">2,700,000)</FONT></TD>
   <TD width="12%"><div align="center"><FONT size=1 face="serif">N/A</FONT></div></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">2,700,000</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="5"><B><FONT size=1 face="serif">Total Investments&#151;156.9% (cost $</FONT></B><B><FONT size=1 face="serif">285,525,088</FONT></B><B><FONT size=1 face="serif">)</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">291,477,030</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=5><FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.2%</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">4,142,152</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="5"><FONT size=1 face="serif">Preferred shares </FONT><FONT size=1 face="serif">at redemption value, including dividends payable&#151;(59.1)%</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(109,760,820</FONT></TD>
   <TD width="1%"><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=5><B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" width="8%"><FONT size=1 face="serif">185,858,362</FONT></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<HR align="left" width="150" size=1 noshade>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>
<P>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date
indicated, typically at a premium to par.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of April 30, 2004, the Trust held 11.8% of its net assets, with a current market value of $21,951,775, in securities restricted as to resale.</FONT>
</P>
<P>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp;<FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="6"><HR noshade size=1></TD>
</TR>
<TR>
   <TD colspan="6"><div align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></div></TD>
  </TR>
<TR>
   <TD width="6%"><FONT size=2 face="serif">ACA</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">American Capital Access</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">GO</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">General Obligation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">AMBAC</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">MBIA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FGIC</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT></TD>
   <TD width="6%"><FONT size=2 face="serif">RAA</FONT></TD>
   <TD align="center" width="5%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Radian Asset Assurance</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FSA</FONT></TD>
   <TD align="center" width="4%"><FONT size=2 face="sans-serif">&#151;</FONT></TD>
   <TD width="45%"><FONT size=2 face="serif">Financial Security Assurance</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="34%">&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1></TD>
  <TD align="center"><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>
</TABLE>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">33</FONT>
</P>

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


<PAGE>
<font size=1>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD colspan=25><B><FONT size="3" face="serif">STATEMENTS OF ASSETS AND LIABILITIES (unaudited)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
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   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=9><B><FONT size="3" face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
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</TR>
<TR>
   <TD colspan="42"><hr noshade></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
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   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="3"><div align="center"><b><font size=1 face="serif">California</font></b></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="3"><div align="center"><b><font size=1 face="serif">Florida</font></b></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="3"><div align="center"><b><font size=1 face="serif">New Jersey</font></b></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="3"><div align="center"><b><font size=1 face="serif">New York</font></b></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
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   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><font size=1 face="serif">Investment</font></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">California</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><font size=1 face="serif">Investment </font></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Florida</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><font size=1 face="serif">Investment </font></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">New Jersey</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><font size=1 face="serif">Investment </font></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">New York</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Investment</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif"> Quality</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Quality</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Quality</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Quality</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif"> Quality</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Income </font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Municipal</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Income</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Municipal </font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Income</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Municipal</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Income </font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Municipal</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=3><b><font size=1 face="serif">Income</font></b></TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><font size="1">Trust</font></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif"> Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Trust</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif"> Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif"> Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif"> Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif"> Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B><FONT size=1 face="serif">Assets</FONT></B></TD>
   <TD colspan=3><div align="center"><B><FONT size=1 face="serif">(BKN)</FONT></B></div></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><div align="center"><B><FONT size=1 face="serif">(BFK)</FONT></B></div></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><div align="center"><B><FONT size=1 face="serif">(RAA)</FONT></B></div></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><div align="center"><B><FONT size=1 face="serif">(BFZ)</FONT></B></div></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">(RFA)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">(BBF)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">(RNJ)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">(BNJ)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">(RNY)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">(BNY)</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Investments at value</FONT><SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">398,299,088</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">975,933,400</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">20,913,709</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">340,937,808</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">24,776,639</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">154,420,302</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">21,613,692</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">171,384,453</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">28,684,631</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">291,477,030</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Cash</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">547,683</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">511,673</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">776,511</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">537,735</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">251,176</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">521,209</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">517,007</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">499,608</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">519,574</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">524,595</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Receivable from investments sold</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">90,000</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">45,000</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">50,000</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>

</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Interest receivable</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">6,933,886</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">17,657,302</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">339,991</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">5,512,611</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">387,194</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">2,337,723</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">397,880</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">2,860,097</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">547,458</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">4,901,739</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Other assets</FONT></TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 75,042</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 75,152</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 13,796</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 25,417</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 13,749</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 10,119</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 14,130</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 11,489</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 13,769</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 22,062</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 405,855,699</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 994,177,527</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 22,044,007</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 347,013,571</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 25,518,758</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 157,334,353</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 22,542,709</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 174,805,647</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 29,765,432</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 296,925,426</FONT></TD>
   <TD>&nbsp;</TD>

</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B><FONT size=1 face="serif">Liabilities</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Variation margin payable</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">196,875</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">688,406</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">254,953</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">96,797</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">120,750</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">167,672</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Dividends payable &#151; common shares</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">1,272,897</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">3,536,108</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">71,101</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">1,140,007</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">79,777</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">500,968</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">67,624</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">556,910</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">95,581</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">943,357</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Investment advisory fee payable</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">116,879</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">286,362</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">7,158</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">100,137</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">7,316</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">45,222</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,473</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">50,366</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">8,563</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">85,837</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Administration fee payable</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">50,091</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,892</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">3,356</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,953</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">3,822</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Deferred Director or Trustees fees</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">60,843</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">69,844</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">11,660</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">23,446</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">11,596</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">8,856</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">11,990</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">10,496</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">11,591</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">20,366</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Other accrued expenses</FONT></TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 148,945</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 120,604</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 52,910</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 129,061</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 50,416</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 77,810</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 46,037</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 62,141</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 36,352</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 89,012</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 1,846,530</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 4,701,324</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 145,721</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 1,647,604</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 152,461</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 729,653</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 135,077</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 800,663</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 155,909</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 1,306,244</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B><FONT size=1 face="serif">Preferred Shares at Redemption Value</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">$25,000 liquidation value per</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">share, including dividends payable</FONT><SUP><FONT size=1 face="serif">2,3</FONT></SUP></TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 146,572,927</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 375,156,446</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 7,500,186</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 131,957,495</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 8,500,244</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 57,554,489</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 7,500,278</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 63,801,732</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 9,801,341</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 109,760,820</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B><FONT size=1 face="serif">Net Assets Applicable to</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><B><FONT size=1 face="serif">Common Shareholders</FONT></B></TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">257,436,242</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">614,319,757 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">14,398,100</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">213,408,472 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">16,866,053 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">99,050,211</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">14,907,354 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">110,203,252 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">19,808,182 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">185,858,362 </FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Composition of Net Assets Applicable to</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">Common Shareholders:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">Par value</FONT></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">167,071</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">43,529</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">10,071</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">14,986</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">11,271</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,646</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">10,071</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">7,415</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">13,071</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">12,521</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">Paid-in capital in excess of par</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">231,766,743</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">618,575,595</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">13,411,135</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">212,626,998</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">15,001,008</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">94,259,825</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">13,165,936</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">105,166,744</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">17,655,407</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">177,620,593</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">Undistributed net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">11,639,770</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">17,397,338</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">422,377</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">5,110,260</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">497,619</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">1,941,070</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">613,522</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">2,608,148</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">638,607</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">3,878,872</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">Accumulated net realized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(10,524,870</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(42,089,735</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">606</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(3,493,529</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,504</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(303,413</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(238,309</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(1,054,833</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(46,360</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">(3,218,039</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">Net unrealized appreciation (depreciation)</FONT></TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 24,387,528</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 20,393,030</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 553,911</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> (850,243</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 1,353,651</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 3,146,083</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 1,356,134</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 3,475,778</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 1,547,457</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=3><FONT size=1 face="serif"> 7,564,415</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">Net assets applicable to common shareholders,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD><FONT size=1 face="serif">April 30, 2004</FONT></TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">257,436,242</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">614,319,757 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">14,398,100</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">213,408,472 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">16,866,053 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">99,050,211</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">14,907,354 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">110,203,252 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">19,808,182 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">185,858,362 </FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></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><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">Net asset value per common share</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 15.41</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 14.09</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 14.30</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 14.24</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 14.96</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 14.90</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 14.80</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 14.86</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 15.15</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 14.84</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center"><SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">Investments at cost</FONT></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">375,804,923</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">962,160,442</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">20,359,798</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">344,239,992</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">23,422,988</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">152,205,123</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">20,257,558</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">169,069,856</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">27,137,174</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">285,525,088</FONT></TD>
   <TD>&nbsp;</TD>

</TR>
<TR>
   <TD align="center"><SUP><FONT size=1 face="serif">2</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">Preferred shares outstanding</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">5,862</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">15,005</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">300</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">5,278</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">340</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,302</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">300</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,552</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">392</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">4,390</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center"><SUP><FONT size=1 face="serif">3</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">Par value per share</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.001</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.001</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.001</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.001</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">0.001</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center"><SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
   <TD><FONT size=1 face="serif">Common shares outstanding</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">16,707,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">43,588,385</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">1,007,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">14,985,501</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">1,127,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">6,646,343</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">1,007,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">7,414,793</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">1,307,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif">12,521,494</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
</font>
<P align="center">
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
  <FONT size=2 face="serif">34</FONT><font size="2">&nbsp;<FONT face="serif">&nbsp;&nbsp;&nbsp;35</FONT></font>
</P>

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


<A name="page_2"></A>

<PAGE>


<A name="page_3"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD colspan=12><B><FONT face="serif">STATEMENTS OF OPERATIONS (unaudited)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=12><B><FONT face="serif">For the six months ended April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan="31"><hr noshade></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">California</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">California</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Florida</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Florida</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">New Jersey</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">New Jersey</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">New York</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">New York</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Investment Quality</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Investment Quality</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Investment Quality</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Investment Quality</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Investment Quality</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(BKN)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(BFK)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(RAA)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(BFZ)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(RFA)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(BBF)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(RNJ)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(BNJ)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(RNY)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">(BNY)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Investment Income</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Interest Income</FONT></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 11,259,273</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 28,492,785</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">585,617</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 9,561,273</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 692,712</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 4,171,926</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 602,783</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 4,811,232</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 807,514</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 8,001,124</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><B><FONT size=1 face="serif">Expenses</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Investment advisory</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">710,989</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,995,930</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">38,816</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,046,180</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">44,795</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">472,356</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">39,523</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">525,765</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">52,280</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">897,115</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Administration</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">304,709</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,090</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">12,799</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,293</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">14,937</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Transfer agent</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">9,282</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">8,727</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">5,278</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">8,008</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">5,642</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">8,008</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">5,642</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">7,462</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">5,642</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">8,008</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Custodian</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">46,382</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">67,819</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">7,783</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">39,119</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,684</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">26,688</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,732</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">26,000</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">5,714</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">33,272</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Reports to shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">27,379</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">61,735</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">3,640</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">19,174</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">3,640</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,173</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">3,640</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">12,404</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">3,640</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">18,442</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Trustees/Directors</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">18,262</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">39,676</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,380</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">15,288</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,380</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">7,098</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,380</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">7,826</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,380</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">13,286</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Registration</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">15,707</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">16,886</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">510</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">15,707</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">524</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,218</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">510</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,218</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">543</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">15,707</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Independent accountants</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">23,893</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">22,388</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,835</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">20,170</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,835</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">19,209</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,835</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">19,791</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,835</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">20,653</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Legal</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">18,387</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">36,730</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,990</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">13,222</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,990</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">8,702</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,990</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">8,732</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,990</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">12,986</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Insurance</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">13,949</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">32,338</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">762</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,965</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">878</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">7,619</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">785</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,066</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,025</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">10,350</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Auction Agent</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">189,460</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">483,094</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,347</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">171,379</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">12,592</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">75,314</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,347</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">83,089</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">14,217</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">143,701</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Miscellaneous</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 22,212</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 40,738</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 9,839</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 21,345</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 10,067</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 13,553</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 10,014</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 13,484</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 10,101</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 19,179</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Total expenses</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,400,611</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">3,806,061</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">105,270</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,381,557</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">113,826</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">660,938</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">105,691</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">721,837</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">124,304</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,192,699</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Less fees waived by Advisor</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,248,304</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(435,908</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(196,815</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(219,069</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(373,798</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Less fees paid indirectly</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (2,560</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (3,204</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (3,597</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (5,115</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (2,498</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (2,482</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (2,546</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (1,612</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (1,528</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (2,352</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net expenses</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,398,051</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 2,554,553</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 101,673</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 940,534</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 111,328</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 461,641</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 103,145</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 501,156</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 122,776</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 816,549</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Net investment income</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 9,861,222</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 25,938,232</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 483,944</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 8,620,739</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 581,384</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 3,710,285</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 499,638</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 4,310,076</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 684,738</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 7,184,575</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Realized and Unrealized Gain (Loss)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net realized gain (loss) on:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Investments</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,033,164</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,776,461</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">606</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">139,340</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,504</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">328,964</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">640</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">165,049</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">22,005</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">88,649</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Futures</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (701,243</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (2,981,564</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (1,109,885</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (422,300</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (526,262</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (730,147</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (1,734,407</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (4,758,025</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 606</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (970,545</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 2,504</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (93,336</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 640</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (361,213</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 22,005</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (641,498</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net change in unrealized</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif"> appreciation/depreciation on:</font></TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Investments</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">431,947</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">4,980,659</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(263,054</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,354,938</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(278,805</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">150,364</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(249,959</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">540,992</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(339,696</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,033,883</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Futures</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,893,363</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 6,620,072</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 2,451,941</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 930,904</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,161,181</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,612,473</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 2,325,310</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 11,600,731</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (263,054</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 3,806,879</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (278,805</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,081,268</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (249,959</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,702,173</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (339,696</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 578,590</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Net gain (loss)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 590,903</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 6,842,706</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (262,448</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 2,836,334</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (276,301</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 987,932</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (249,319</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,340,960</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (317,691</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (62,908</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Dividends and Distributions to</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">Preferred Shareholders from:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(693,194</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,718,720</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(28,497</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(605,556</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(26,868</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(231,282</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(30,888</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(278,281</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(42,329</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(477,596</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net realized gains</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (3,726</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (24,220</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Total dividends and distributions</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (693,194</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (1,718,720</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (32,223</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (605,556</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (51,088</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (231,282</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (30,888</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (278,281</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (42,329</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (477,596</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Net Increase in Net Assets </FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">Applicable to
         Common </FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=1 face="serif">Shareholders
    Resulting</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif"> from
         Operations</FONT></B></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 9,758,931</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 31,062,218</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">189,273</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 10,851,517</FONT></TD>
   <TD>&nbsp;</TD>

   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">253,995</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 4,466,935</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 219,431</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 5,372,755</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 324,718</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 6,644,071</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
<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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">37</FONT></font>
</P>

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


<A name="page_4"></A>

<PAGE>


<A name="page_5"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD colspan=31><B><FONT face="serif">STATEMENTS OF CHANGES IN NET ASSETS</FONT></B></TD>
  </TR>
<TR>
   <TD colspan=31><B><FONT face="serif">For the six months ended April 30, 2004 (unaudited) and for the year ended October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <TD colspan="31"><hr noshade></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Investment</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Municipal</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">California Investment</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">California</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Florida Investment</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Quality Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Quality Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Municipal Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Quality Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(BKN)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(BFK)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(RAA)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(BFZ)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(RFA)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Increase (Decrease) in Net Assets</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>

   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">Applicable to Common Shareholders</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Operations:</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net investment income</FONT></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">9,861,222</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">19,425,882</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">25,938,232</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">53,252,034</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">483,944</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">1,057,654</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">8,620,739</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">16,928,458</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">581,384</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">1,175,275</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net realized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,734,407</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(3,112,753</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(4,758,025</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(21,756,169</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">606</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">51,040</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(970,545</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(124,407</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,504</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">248,044</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net change in unrealized appreciation/depreciation</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,325,310</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,574,886</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">11,600,731</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">37,007,594</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(263,054</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(455,653</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">3,806,879</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(5,006,045</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(278,805</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(687,041</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Dividends and distributions to preferred</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">shareholders from:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(693,194</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,501,763</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,718,720</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(3,836,525</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(28,497</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(64,203</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(605,556</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(1,214,717</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(26,868</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(88,761</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net realized gains</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (3,726</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (24,220</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Net increase in net assets resulting from operations</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 9,758,931</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 16,386,252</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 31,062,218</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 64,666,934</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 189,273</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 588,838</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 10,851,517</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 10,583,289</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 253,995</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 647,517</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Dividends and Distributions to Common</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">Shareholders from:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(7,637,380</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(14,781,077</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(21,205,147</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(41,326,371</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(426,596</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(834,841</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(6,840,042</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(13,401,474</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(478,645</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(939,337</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net realized gains</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (48,450</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (256,317</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Total dividends and distributions</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (7,637,380</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (14,781,077</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (21,205,147</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (41,326,371</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (475,046</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (834,841</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (6,840,042</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (13,401,474</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (734,962</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (939,337</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Capital Share Transactions:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Capital contributions from advisor</FONT><SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">18,421</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Reinvestment of common dividends</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 519,196</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 922,048</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Net proceeds from capital share transactions</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 519,196</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 922,048</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 18,421</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Total increase (decrease)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 2,121,551</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,605,175</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 10,376,267</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 24,262,611</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (267,352</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (246,003</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 4,011,475</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (2,818,185</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (480,967</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (291,820</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Net Assets Applicable to</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">Common Shareholders</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Beginning of period</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 255,314,691</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 253,709,516</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 603,943,490</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 579,680,879</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 14,665,452</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 14,911,455</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 209,396,997</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 212,215,182</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 17,347,020</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 17,638,840</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">End of period</FONT></TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">257,436,242</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">255,314,691</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">614,319,757</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">603,943,490</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">14,398,100</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">14,665,452</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">213,408,472</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">209,396,997</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif"> 16,866,053</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">17,347,020</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">End of period undistributed net investment income</FONT></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">11,639,770</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">10,109,122</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">17,397,338</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">14,382,973</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">422,377</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">393,562</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">5,110,260</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">3,935,119</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">497,619</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">421,748</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements. </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">38</FONT><font size="2">&nbsp;<FONT face="serif">&nbsp;&nbsp;&nbsp;39</FONT></font>
</P>

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


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

<PAGE>


<A name="page_7"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD colspan=31><B><FONT face="serif">STATEMENTS OF CHANGES IN NET ASSETS (continued)</FONT></B></TD>
  </TR>
<TR>
   <TD colspan=31><B><FONT face="serif">For the six months ended April 30, 2004 (unaudited) and for the year ended October 31, 2003</FONT></B></TD>
  </TR>
<TR>
   <TD colspan="31"><hr noshade></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Florida</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">New Jersey Investment</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">New Jersey</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">New York Investment</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">New York</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Municipal Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Quality Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Municipal Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Quality Municipal Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">Municipal Income Trust</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(BBF)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(RNJ)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(BNJ)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(RNY)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=5><B><FONT size=1 face="serif">(BNY)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2004</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Increase (Decrease) in Net Assets</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">Applicable to Common Shareholders</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Operations:</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net investment income</FONT></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">3,710,285</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">7,355,264</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">499,638</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">1,006,244</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">4,310,076</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">8,465,666</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">684,738</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">1,346,704</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">7,184,575</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">14,192,727</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net realized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(93,336</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">630,302</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">640</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">6,919</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(361,213</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(29,376</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">22,005</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">357,056</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(641,498</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(486,109</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Net change in unrealized appreciation/depreciation</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,081,268</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(777,309</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(249,959</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">109,486</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">1,702,173</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">895,164</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(339,696</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">(636,582</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">578,590</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=1 face="serif">2,196,536</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Dividends to preferred shareholders from</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">net investment income</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (231,282</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (521,291</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (30,888</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (61,319</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (278,281</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (616,370</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (42,329</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (88,859</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (477,596</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (1,130,137</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Net increase in net assets resulting</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">from operations</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 4,466,935</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 6,686,966</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 219,431</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,061,330</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 5,372,755</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 8,715,084</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 324,718</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 978,319</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 6,644,071</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 14,773,017</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Dividends to Common Shareholders</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">from Net Investment Income:</FONT></B></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (3,005,809</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (5,914,155</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (405,746</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (801,290</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (3,341,462</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (6,528,221</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (573,487</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (1,146,823</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (5,660,141</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (11,098,501</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Capital Share Transactions:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">Capital contributions from advisor</FONT><SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 86,481</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 3,690</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Total increase (decrease)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 1,461,126</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 772,811</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (99,834</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 260,040</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 2,031,293</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 2,186,863</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (245,079</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> (168,504</FONT></TD>
   <TD><FONT size=1 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 983,930</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 3,674,516</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=1 face="serif">Net Assets Applicable to</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">Common Shareholders:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">Beginning of period</FONT></TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 97,589,085</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 96,816,274</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 15,007,188</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 14,747,148</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 108,171,959</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 105,985,096</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 20,053,261</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 20,221,765</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 184,874,432</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=1 face="serif"> 181,199,916</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <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>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">End of period</FONT></TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">99,050,211</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">97,589,085</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">14,907,354</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">15,007,188</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">110,203,252</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">108,171,959</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">19,808,182</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">20,053,261</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">185,858,362</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=1 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">184,874,432</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">End of period undistributed net investment income</FONT></TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">1,941,070</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">1,467,876</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">613,522</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">550,518</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">2,608,148</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">1,917,815</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">638,607</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">569,685</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">3,878,872</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=1 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=1 face="serif">2,832,034</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements. </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">40</FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">41</FONT></font>
</P>

<HR noshade align="center" width="100%" size=2>
<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 cellspacing=0 cellpadding=0>
<TR valign="bottom">
   <TD width="33%">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">Six Months Ended</FONT></B></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=14 align="center"><B><FONT size=1 face="serif">Year Ended October 31,</FONT></B></TD>
   <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=14><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">(unaudited)</FONT></B></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2002</FONT></B></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2001</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2000 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">1999 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD width="4%" align="center"><FONT size=2 face="serif"> $</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">15.28</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 15.19</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif"> 15.19</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%" align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 14.30</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 13.95</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 15.78</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">0.59</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.16</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">1.20</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.20</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.13</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.09</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">0.04</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.09</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">(0.26</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">0.75</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">0.43</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(1.63</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders:</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">(0.04</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.09</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">(0.13</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.29</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.35</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.24</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized gains</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>

   <TD width="3%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.04</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net increase (decrease) from investment</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.59</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.98</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.81</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.66</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.21</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.82</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Dividends and distributions to common</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders:</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">(0.46</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.89</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">(0.81</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.78</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.83</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">(0.86</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized gains</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.15</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Total dividends and distributions</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.46</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.89</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.81</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.78</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.83</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (1.01</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Capital changes with respect to issuance of:</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred shares</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.01</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.03</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD width="4%" align="center"><FONT size=2 face="serif"> $</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">15.41</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%" align="center"><FONT size=2 face="serif"> $</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">15.28</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif"> 15.19</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%" align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 15.19</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 14.30</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 13.95</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD width="4%" align="center"><FONT size=2 face="serif"> $</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">13.36</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%" align="center"><FONT size=2 face="serif"> $</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">14.26</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif"> 13.48</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%" align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 13.73</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 12.13</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 13.13</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (3.35</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 12.67</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=4 align="right"><FONT size=2 face="serif"> 4.14%</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif"> 20.03</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (1.27</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (9.03</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">1.07</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.10</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">1.09%</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.14</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.20</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.05</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees waived and paid</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">indirectly</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">1.08</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.10</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">1.09%</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.14</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.20</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.05</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees waived and</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">dividends</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">7.57</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">7.62</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">7.93%</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">8.10</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">8.18</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">7.21</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">0.53</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">0.59</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">0.83%</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.94</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">2.53</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">1.60</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to common</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">7.04</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">7.03</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">7.10%</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">6.16</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">5.65</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">5.61</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders (000)</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">261,962</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">254,890</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">251,428</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%" align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">247,832</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">230,746</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">252,536</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">16</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">36</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">19%</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">35</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">26</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders,</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period (000)</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">257,436</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">255,315</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">253,710</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%" align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">253,777</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">238,849</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">233,085</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">146,550</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">146,550</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">146,550</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%" align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">146,550</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">146,550</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">130,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share,</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="serif">68,920</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">68,561</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">68,292</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="3%" align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">68,308</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">65,745</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">69,824</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1
face="serif">2</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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">42</FONT>
</P>

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


<A name="page_88"></A>

<PAGE>


<A name="page_89"></A>

<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>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><B><FONT size=2 face="serif">For the period</FONT></B></TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><B><FONT size=2 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=5 align="center" valign="bottom"><B><FONT size=2 face="serif"> Year Ended October 31,</FONT></B></TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><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" valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=5 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><B><FONT size=2 face="serif">through</FONT></B></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><B><FONT size=2 face="serif"> (unaudited)</FONT></B></TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><B><FONT size=2 face="serif"> 2003</FONT></B></TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><B><FONT size=2 face="serif"> 2002</FONT></B></TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom"><B><FONT size=2 face="serif"> October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2,3</FONT></SUP></B></TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="center" valign="bottom">&nbsp;</TD>
   <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 13.87</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 13.33</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 14.30</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center" valign="bottom"><div align="right"><FONT size=2 face="serif"> 14.33 </FONT><SUP></SUP></div></TD>
   <TD valign="bottom"><sup><font size=2 face="serif">4</font></sup></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.59</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">1.23</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">1.20</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.17</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.16</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.35</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">(1.11</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.12</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">net investment income</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.04</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.09</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.13</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Net increase (decrease) from investment operations</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> 0.71</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> 1.49</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.04</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> 0.28</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">(0.49</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">(0.95</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">(0.93</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">(0.16</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In excess of net investment income</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Total dividends and distributions</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.49</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.95</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.93</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.17</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common shares</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">(0.03</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred shares</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.11</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Total capital charges</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (0.14</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=1></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 14.09</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 13.87</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 13.33</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 14.30</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 13.02</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 13.70</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 13.46</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif"> 14.75</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (1.62</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> 9.21</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (2.40</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right" valign="bottom"><FONT size=2 face="serif"> (1.13</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD colspan=2 valign="bottom"><HR noshade size=2></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">6</FONT></SUP></B></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.82</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.84</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.81</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.61</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">1.22</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">1.25</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">1.23</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.91</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">8.29</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">8.96</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">8.74</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">4.59</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.55</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.65</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.92</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">0.38</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Net investment income available to common shareholders</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">7.74</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">8.31</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">7.82</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">4.21</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR>
   <TD valign="bottom"><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">629,005</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">594,192</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">598,425</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">572,610</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">17</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">56</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">70</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">27</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">614,320</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">603,943</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">579,681</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">619,249</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">375,125</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">375,125</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">375,125</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">375,125</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
<TR>
   <TD valign="bottom"><FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT></TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">65,943</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">65,251</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">63,636</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
   <TD valign="bottom"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" valign="bottom"><FONT size=2 face="serif">66,275</FONT></TD>
   <TD valign="bottom">&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT><BR><SUP><FONT
size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to
conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from
the initial offering price of $15.00 per share.</FONT><BR><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1
face="serif">6</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">7</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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">43</FONT>
</P>

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


<A name="page_90"></A>

<PAGE>


<A name="page_91"></A>

<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>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=14 align="center"><B><FONT size=1 face="serif">Year Ended October 31,</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=14><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">(unaudited)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2002</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2001</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2000 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">1999 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">PERFORMANCE:</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.56</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.81</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.30</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.62</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.34</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.49</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.48</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.05</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.04</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.05</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.06</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.05</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.24</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.41</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.64</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.63</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.29</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(1.10</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">from net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.06</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.09</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.21</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.25</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.22</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net increase (decrease) from investment</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.21</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.58</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.31</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.47</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.10</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.27</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Dividends to common shareholders:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.42</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.83</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.79</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.82</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.88</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized gains</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.05</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Total dividends and distributions</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.47</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.83</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.79</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.82</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.88</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.30</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.56</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.81</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.30</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.62</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.34</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><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><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.03</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.03</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.38</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.55</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.00</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.50</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><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><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (3.94</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 11.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> (9.26</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">)%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 17.03</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (4.33</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.52</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD colspan=2><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.40</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.41</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.34</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.43</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.40</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.41</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.34</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees paid</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">indirectly and before preferred</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.57</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.86</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.04</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.36</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.95</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.39</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.44</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.59</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.39</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.75</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.47</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to common</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.18</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.73</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.27</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.65</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.61</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.48</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,803</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,752</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15,221</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15,072</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,450</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15,170</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">30</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD><font size=2 face="serif">%</font></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,398</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,665</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,911</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15,411</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,725</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,439</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">72,994</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">73,886</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">74,706</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">76,377</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">74,097</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">73,138</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1
face="serif">2</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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">44</FONT>
</P>

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


<A name="page_92"></A>

<PAGE>


<A name="page_93"></A>

<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>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">For the period</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=5 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"><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 valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">through</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><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"> 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"><B><FONT size=2 face="serif"> October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2,3</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.97</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.16</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center"><div align="right"><FONT size=2 face="serif"> 14.33</FONT></div></TD>
   <TD><font size=2 face="serif">&nbsp; </font><sup><font size=2 face="serif">4</font></sup></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.58</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.12</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.16</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.19</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.34</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.46</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.32</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.04</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.08</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.12</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net increase from investment operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.73</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.70</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.53</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.47</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.46</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.89</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.87</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.15</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In excess of net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Total dividends and distributions</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.46</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.89</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.87</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.16</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common shares</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred shares</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.11</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Total capital charges</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.14</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.24</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.97</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.16</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.50</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 12.75</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.21</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.09</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.75</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.19</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 7.92</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><font size=2 face="serif"> (5.49</font></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">)%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> (1.17</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">6</FONT></SUP></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.86</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.89</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.88</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.72</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.27</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.30</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.31</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.02</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.93</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8.01</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.96</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4.06</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.56</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.57</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.86</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to common shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.37</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.44</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.10</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.68</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">218,693</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">211,275</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">209,965</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">199,356</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">34</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">44</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">213,408</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">209,397</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">212,215</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">216,829</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">131,950</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">131,950</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">131,950</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">131,950</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">65,435</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">64,675</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">65,211</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">66,086</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT><BR><SUP><FONT
size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to
conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from
the initial offering price of $15.00 per share.</FONT><BR><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1
face="serif">6</FONT></SUP>&nbsp;<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><BR><SUP><FONT
size=1 face="serif">7</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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">45</FONT>
</P>

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


<A name="page_94"></A>

<PAGE>


<A name="page_95"></A>

<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>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=14 align="center"><B><FONT size=1 face="serif">Year Ended October 31,</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=14><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">(unaudited)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2002</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2001</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2000 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">1999 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><B><FONT size=2 face="serif">PER COMM</FONT></B><B><FONT size=2 face="serif">ON SHARE OPERATING</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.39</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.65</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.65</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.29</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.69</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.51</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.04</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.05</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.03</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.07</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.05</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.25</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.39</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.02</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.86</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.40</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(1.41</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.02</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.08</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.11</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.24</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.31</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.24</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized gains</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.02</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net increase (decrease) from investment</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.22</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.57</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.96</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.65</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.16</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.60</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Dividends and distributions to common</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.42</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.83</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.81</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized gains</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.23</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Total dividends and distributions</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.65</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.83</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.81</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.96</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.39</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.65</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.65</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.29</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.58</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.47</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.36</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 12.81</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (2.06</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 5.52</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=4 align="right"><FONT size=2 face="serif"> 6.52%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.65</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 9.00</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (10.60</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.30</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">1.20%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.22</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.27</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.33</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">1.20%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.22</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.27</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees paid</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">indirectly and before preferred</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.78</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.69</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">6.76%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6.83</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.48</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.11</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.31</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.51</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">0.69%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1.58</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.18</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.64</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to common</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.47</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.18</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">6.07%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5.25</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.30</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.47</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17,238</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17,561</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17,427</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17,046</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">16,167</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">16,736</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="serif">8%</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">&#151;%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;%</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">16,866</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17,347</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17,639</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">17,472</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">16,509</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">16,110</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8,500</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">74,607</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">76,021</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">76,886</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">76,397</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">73,570</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">72,390</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1
face="serif">2</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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">46</FONT>
</P>

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


<A name="page_96"></A>

<PAGE>


<A name="page_97"></A>

<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>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">For the period</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=5 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"><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 valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">through</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><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"> 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"><B><FONT size=2 face="serif"> October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2,3</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.68</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.57</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.37</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.33</FONT></TD>
   <TD><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.55</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.07</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.17</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.15</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.18</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.08</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.12</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net increase from investment operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.67</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.00</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.08</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.34</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Dividends to common shareholders from</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.45</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.89</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.87</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.16</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common shares</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred shares</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.11</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Total capital charges</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.14</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.90</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.68</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.57</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.37</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 12.95</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.36</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.65</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.50</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.09</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 4.30</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.16</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (2.84</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">6</FONT></SUP></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.92</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.94</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.96</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.87</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.32</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.35</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.40</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.50</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.59</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4.43</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.46</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.53</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.82</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.37</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to common shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.94</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.97</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.77</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4.06</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">100,767</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">98,081</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">93,558</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">87,918</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">19</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">35</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">28</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">99,050</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">97,589</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">96,816</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">95,123</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">57,550</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">57,550</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">57,550</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">57,550</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">68,030</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">67,394</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">67,060</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">66,323</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT><BR><SUP><FONT
size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to
conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from
the initial offering price of $15.00 per share.</FONT><BR><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1
face="serif">6</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">7</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">47</FONT>
</P>

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


<A name="page_98"></A>

<PAGE>


<A name="page_99"></A>

<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>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=14 align="center"><B><FONT size=1 face="serif">Year Ended October 31,</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=14><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">(unaudited)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2002</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2001</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2000 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">1999 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.90</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.64</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.85</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.96</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.52</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.95</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.00</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.02</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.96</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.00</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.17</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.12</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.39</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.87</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.43</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(1.47</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">from net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.06</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.09</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.21</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.27</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.23</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net increase (decrease) from investment</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.30</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.06</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.54</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.62</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.17</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.70</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Dividends to common shareholders from net</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.40</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.80</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.75</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.73</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.73</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.73</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.80</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.90</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.64</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.85</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.96</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.52</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.85</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.80</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.30</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.75</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 12.13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 12.25</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (3.87</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 17.59</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><font size=2 face="serif"> 2.07</font></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 19.63</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 5.08</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (8.77</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD colspan=2><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees waived and paid</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.36</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.39</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.31</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.54</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.32</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees waived and paid</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.40</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.39</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.31</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.54</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.32</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees waived and</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.61</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.72</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.93</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.64</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.44</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.94</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.41</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.41</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.61</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.47</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.98</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.59</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">common shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.20</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.31</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.32</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.46</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.35</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15,209</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,975</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,791</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,570</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">13,696</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,550</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">23</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">17</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,907</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">15,007</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,747</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,958</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,059</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">13,620</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,500</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">74,692</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">75,026</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">74,159</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">74,862</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">71,879</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">70,409</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1
face="serif">2</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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">48</FONT>
</P>

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


<A name="page_100"></A>

<PAGE>


<A name="page_101"></A>

<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>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">For the period</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=5 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"><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 valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">through</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><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"> 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"><B><FONT size=2 face="serif"> October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2,3</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.59</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.29</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.26</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.33</FONT></TD>
   <TD><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.58</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.15</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.10</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.14</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.18</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.07</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.10</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.04</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.08</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.12</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net increase from investment operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.72</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.18</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.91</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.23</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.45</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.88</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.87</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.13</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In excess of net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Total dividends and distributions</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.45</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.88</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.87</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.16</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common shares</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred shares</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.11</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Total capital charges</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>

   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.14</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.86</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.59</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.29</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.26</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.27</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.04</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.64</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.84</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (2.49</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 9.59</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (2.25</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.56</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">6</FONT></SUP></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.90</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.93</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.93</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.83</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.34</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.37</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.12</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.71</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.85</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.81</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.67</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.50</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.57</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.88</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.37</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to common shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.21</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.28</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.93</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>

   <TD align="right"><FONT size=2 face="serif">3.30</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">112,418</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">107,900</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">104,241</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">97,050</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">50</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">110,203</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">108,172</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">105,985</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">105,089</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">63,800</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">63,800</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">63,800</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">63,800</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">68,184</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">67,387</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">66,538</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">66,187</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT><BR><SUP><FONT

size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to
conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from
the initial offering price of $15.00 per share.</FONT><BR><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1
face="serif">6</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">7</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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">49</FONT>
</P>

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


<A name="page_102"></A>

<PAGE>


<A name="page_103"></A>

<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>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=14 align="center"><B><FONT size=1 face="serif">Year Ended October 31,</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=14><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">(unaudited)</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2002</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2001</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">2000 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=1 face="serif">1999 </FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <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><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.34</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.47</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.28</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.55</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.11</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.58</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.52</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.03</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.06</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.06</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.08</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.08</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.24</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.21</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.06</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.70</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.44</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(1.50</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">from net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.07</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.09</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.21</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.26</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.23</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net increase (decrease) from investment</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.25</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.75</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.03</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.55</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.26</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.65</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Dividends to common shareholders from net</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.44</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.88</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.84</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.82</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.82</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.82</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <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><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.15</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.34</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.47</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 15.28</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.55</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.11</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.18</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.40</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.20</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 12.63</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.63</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (1.88</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 4.69</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><font size=2 face="serif"> 7.42</font></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 19.20</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (1.21</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (4.86</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD colspan=2><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees waived and paid</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.22</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.24</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.17</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.31</FONT></TD>

   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.21</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.09</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.24</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.24</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.17</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.31</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.21</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.09</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees waived and</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">paid indirectly and before preferred</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.80</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.68</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.97</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.06</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.63</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.13</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.42</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.44</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.60</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.40</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.83</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.50</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to common</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.38</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.24</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.37</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.66</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.81</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.63</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">shareholders (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">20,239</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">20,158</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">19,915</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">19,663</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">18,523</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">19,791</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">36</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD align="right"><div align="left"><font size=2 face="serif">%</font></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD><font size=2 face="serif">%</font></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">22</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;%</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">19,808</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">20,053</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">20,222</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">19,973</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">19,016</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">18,443</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9,800</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9,800</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9,800</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9,800</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9,800</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9,800</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share,</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">75,534</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">76,159</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">76,590</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">75,955</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">73,516</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">72,048</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1
face="serif">2</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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">50</FONT>
</P>

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


<A name="page_104"></A>

<PAGE>


<A name="page_105"></A>

<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>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">For the period</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=5 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"><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 valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">through</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><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"> 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"><B><FONT size=2 face="serif">October </FONT></B><B><FONT size=2 face="serif"> 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2,3</FONT></SUP></B></TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B></TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, beginning of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.76</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.47</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.09</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.33</FONT></TD>
   <TD><SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <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><FONT size=2 face="serif">Investment operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.58</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.14</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.09</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.15</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.13</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.29</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.08</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.04</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.09</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.13</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.01</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net increase from investment operations</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.53</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.18</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 1.25</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 0.06</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.45</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.89</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.87</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.14</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In excess of net investment income</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.02</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Total dividends and distributions</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.45</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.89</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.87</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.16</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common shares</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.03</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred shares</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.11</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Total capital charges</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> &#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.14</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net asset value, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.84</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.76</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.47</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.09</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><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><FONT size=2 face="serif">Market price, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 12.98</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.45</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 13.42</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 14.62</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><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><B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (0.36</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> 6.95</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (2.25</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD colspan=2 align="right"><FONT size=2 face="serif"> (5.58</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">6</FONT></SUP></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.86</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.88</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.90</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.73</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.26</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.33</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.03</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.57</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.73</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.87</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.93</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred share dividends</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.50</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.62</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.93</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.37</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net investment income available to common shareholders</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.07</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.11</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.94</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.56</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
</TR>
<TR valign="bottom">
   <TD><B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">190,931</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">183,648</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">173,885</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">163,077</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Portfolio turnover</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">57</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">185,858</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">184,874</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">181,200</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">175,110</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Preferred shares value outstanding (000)</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">109,750</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">109,750</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">109,750</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">109,750</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
   <TD><FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">67,339</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">67,115</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">66,279</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><font size=2 face="serif">$</font></TD>
   <TD align="right"><FONT size=2 face="serif">64,894</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<hr align="left" width="150" size="1">
<TABLE>
<tr>
   <td valign="top" colspan="2"><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp;<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT><BR><SUP><FONT
size=1 face="serif">2</FONT></SUP>&nbsp;<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT><BR><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp;<FONT size=1 face="serif">Amounts have been reclassified to
conform to the presentation under the provisions of EITF D-98.</FONT><BR><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from
the initial offering price of $15.00 per share.</FONT><BR><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1
face="serif">6</FONT></SUP>&nbsp;<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><BR><SUP><FONT size=1 face="serif">7</FONT></SUP>&nbsp;<FONT size=1 face="serif">Annualized.</FONT><BR></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>

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<PAGE>


<A name="page_107"></A>

<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 </FONT></B><FONT face="serif"><B><FONT face="serif">&amp; Accounting
Policies</FONT></B></FONT><FONT size=2 face="serif"> BlackRock Investment Quality
Municipal Trust Inc. (&#147;Municipal Investment Quality&#148;) was organized
as a </FONT><FONT size=2 face="serif">Maryland corporation on November 19, 1992. BlackRock California Investment Quality Municipal Trust Inc. (&#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.</FONT></P>
<P>
<FONT size=2 face="serif">The following is a summary of significant accounting policies followed by the Trusts.</FONT>
</P>
<P>
<B><FONT size=2 face="serif">Securities Valuation: </FONT></B><FONT size=2 face="serif">Municipal securities (including commitments to purchase such securities 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 security, pricing services may use certain
information with respect to transactions in such securities, quotations from bond dealers, market transactions in comparable securities and various relationships between securities. A futures contract is valued at the last sale price as of the close
of the commodities exchange on which it trades. Short-term investments may be valued at amortized cost. Investments in other investment companies are valued at net asset value. Any securities or other assets for which such current market quotations
are not readily available are valued at fair value as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust&#146;s Board.</FONT>
</P>
<P>
<B><FONT size=2 face="serif">Securities Transactions and Investment Income: </FONT></B><FONT size=2 face="serif">Securities 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 (&#147;SEC&#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 SEC, designate on its
books and records cash or other liquid debt 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. 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>
<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 the 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 align="center">
<FONT size=2 face="serif">52</FONT>
</P>

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<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 covers both investment advisory and administration services.</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 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 include reimbursements to the Advisor for certain operational support services provided to each Trust.</FONT>
</P>
<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 </FONT></B><FONT size=2 face="serif"> </FONT><b><font face="serif">Securities </font></b><FONT size=2 face="serif">Purchases and sales of investment securities, other than short-term investments, for the period ended April</FONT><FONT size=2
face="serif">30, 2004, were as follows:</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width="25%" align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> Purchases</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif"> Sales</FONT></B></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD width="24%" align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> Purchases</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> Sales</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR align="left" width="50" size=1 noshade></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>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="10%" align="right"><FONT size=2 face="serif">65,502,421</FONT></TD>
   <TD>&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="10%" align="right"><FONT size=2 face="serif">60,546,801</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="9%" align="right"><FONT size=2 face="serif">7,989,540</FONT></TD>
   <TD>&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="9%" align="right"><FONT size=2 face="serif">7,355,560</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">188,842,551</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">162,638,357</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">964,610</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,235,880</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,065,360</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,671,086</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6,416,898</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5,240,277</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">15,919,910</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">17,802,680</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">315,000</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,171,648</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,973,410</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">215,000</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16,645,572</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16,116,315</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">Details of open financial futures contracts at April 30, 2004 were as follows:</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif">Number of</FONT></B></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">Expiration</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value at Trade</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Value at</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Unrealized</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center"><B><FONT size=2 face="serif"> Contracts</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif"> Type</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif"> Date</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> Date</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> Appreciation</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</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>
   <TD><B><FONT size=2 face="serif">Short Positions:</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">600</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><div align="center"><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT></div></TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"><FONT size=2 face="serif">June &#146;04</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">68,193,366</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">66,300,003</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1,893,363</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2,098</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><div align="center"><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT></div></TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"><FONT size=2 face="serif">June &#146;04</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">238,449,085</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">231,829,013</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6,620,072</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">777</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><div align="center"><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT></div></TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"><FONT size=2 face="serif">June &#146;04</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">88,310,445</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">85,858,504</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,451,941</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">295</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><div align="center"><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT></div></TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"><FONT size=2 face="serif">June &#146;04</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">33,528,406</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">32,597,502</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">930,904</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">368</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><div align="center"><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT></div></TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"><FONT size=2 face="serif">June &#146;04</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">41,825,183</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">40,664,002</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,161,181</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">511</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><div align="center"><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT></div></TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"><FONT size=2 face="serif">June &#146;04</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">58,077,976</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">56,465,503</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,612,473</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At April 30, 2004, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as
follows:</FONT></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center" colspan=2 width="15%"><B><FONT size=2 face="serif"> Cost</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="14%"><B><FONT size=2 face="serif"> Appreciation</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="13%"><B><FONT size=2 face="serif"> Depreciation</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="14%"><B><FONT size=2 face="serif"> Net</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">375,804,923</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">24,130,629</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,636,464</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">22,494,165</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">962,160,523</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">22,549,195</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">8,776,318</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">13,772,877</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">20,359,798</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">999,833</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">445,922</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">553,911</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">344,239,992</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">6,038,928</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">9,341,112</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">(3,302,184</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">23,422,988</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,452,112</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">98,461</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,353,651</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">152,205,123</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">3,306,340</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,091,161</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">2,215,179</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">20,262,099</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,564,270</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">212,677</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,351,593</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">169,069,856</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">4,093,479</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,778,882</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">2,314,597</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">27,137,174</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,603,583</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">56,126</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,547,457</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">285,525,836</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">8,719,052</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,767,858</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">5,951,194</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">53</FONT>
</P>

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


<A name="page_110"></A>

<PAGE>


<A name="page_111"></A>

<P>
&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, 2003, the Trusts&#146; last tax year-end except for New York Income which had its last tax
year-end at July 31, 2003. 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>
   <TD width="27%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Capital Loss</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%" align="center">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD width="26%" align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Capital Loss</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Carryforward</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Carryforward</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> Amount</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif"> Expires</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Trust </FONT></B></div></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> Amount</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif"> Expires</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="11%" align="right"><FONT size=2 face="serif">2,870,542</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">2011</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="11%" align="right"><FONT size=2 face="serif">228,242</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2008</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">324,268</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">2010</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 6,166</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2004</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">133,706</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">2009</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5,068,444</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">2008</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">234,408</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"><font size=2 face="serif"> 312,281</font></div></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"><font size=2 face="serif">2007</font></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><hr noshade size=2></TD>
   <TD><hr noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">28,207</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2011</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><font size=2 face="serif">$</font></TD>
   <TD align="right"><font size=2 face="serif">8,709,241</font></TD>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">615,438</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2010</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><hr noshade size=2></TD>
   <TD><hr noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"><font size=2 face="serif"> 49,975</font></div></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"><font size=2 face="serif">2009</font></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
  <TD><FONT size=2 face="serif">$</FONT></TD>
  <TD align="right"><FONT size=2 face="serif">21,749,392</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><div align="center"><FONT size=2 face="serif">2011</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><hr noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">15,055,804</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">2010</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">693,620</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"><font size=2 face="serif"> 526,271</font></div></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"><font size=2 face="serif">2009</font></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><hr noshade size=2></TD>
   <TD><hr noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><hr noshade size=1></TD>
   <TD align="right"><hr noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 68,365</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2008</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><font size=2 face="serif">$</font></TD>
   <TD><div align="right"><font size=2 face="serif">37,331,467</font></div></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><hr noshade size=2></TD>
   <TD align="right"><hr noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><hr noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2,021,656</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2011</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><font size=2 face="serif">California Income</font></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">124,338</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">2011</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><font size=2 face="serif"> 68,166</font></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><font size=2 face="serif">2010</font></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 2,398,646</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">2010</FONT></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><hr noshade size=1></TD>
   <TD><hr noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><hr noshade size=1></TD>
   <TD><hr noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2,089,822</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"><font size=2 face="serif"> 2,522,984</font></div></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><hr noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">&#151;</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD align="center"><FONT size=2 face="serif"> $</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">192,363</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">2010</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<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>
<B><FONT face="serif">Note 4. Distributions </FONT></B><FONT size=2 face="serif"><b><font size="3" face="serif">to Shareholders</font></b> The tax character of distributions paid during the period ended April 30, 2004 and the year ended October 31, </FONT><B></B><FONT size=2 face="serif">2003 were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=11><B><FONT size=2 face="serif">Period ended April 30, 2004</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=11><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Long-term</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Distributions </FONT></B><B><FONT size=2 face="serif">Paid From:</FONT></B></TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Tax-exempt Income</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Ordinary Income</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Capital Gains</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Total Distributions</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="150" size=1 noshade></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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8,330,574</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8,330,574</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">22,923,867</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">22,923,867</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">455,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">52,176</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">507,269</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7,455,598</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7,455,598</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">505,513</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">280,537</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">786,050</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,237,091</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,237,091</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">436,634</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">436,634</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,619,743</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,619,743</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">615,816</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">615,816</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6,137,737</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6,137,737</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=11><div align="center"><B><FONT size=2 face="serif">Year ended October 31, 2003</FONT></B></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=11><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><div align="center"><B><FONT size=2 face="serif">Long-term</FONT></B></div></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Distributions </FONT></B><B><FONT size=2 face="serif">Paid From:</FONT></B></TD>
   <TD colspan=2><div align="center"><B><FONT size=2 face="serif">Tax-exempt Income</FONT></B></div></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><div align="center"><B><FONT size=2 face="serif">Ordinary Income</FONT></B></div></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><div align="center"><B><FONT size=2 face="serif">Capital Gains</FONT></B></div></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><div align="center"><B><FONT size=2 face="serif">Total Distributions</FONT></B></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="150" size=1 noshade></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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">16,282,840</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">16,282,840</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">45,162,896</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">45,162,896</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">899,044</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">899,044</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14,616,191</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14,616,191</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,028,098</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,028,098</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6,435,446</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6,435,446</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">862,609</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">862,609</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7,144,591</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7,144,591</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,235,682</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,235,682</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12,228,638</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12,228,638</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">54</FONT>
</P>

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


<A name="page_112"></A>

<PAGE>


<A name="page_113"></A>

<P>
<FONT size=2 face="serif">As of April 30, 2004, the components of distributable earnings on a tax basis were as follows:</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Undistributed</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Undistributed</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Undistributed</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Long-term</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Unrealized</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Tax-exempt Income</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Ordinary Income</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Capital Gains</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Net Appreciation</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <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>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">12,344,534</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">22,494,165</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">19,906,305</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">13,772,877</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">468,184</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">460</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">146</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">533,911</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6,272,686</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">580,847</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,504</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,353,651</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,455,347</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif">627,491</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,215,179</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">646,312</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,351,593</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,149,195</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif">106,348</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,314,597</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">735,988</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,547,457</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4,852,515</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5,951,194</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P>
<B><FONT face="serif">Note 5. Capital   </FONT></B><FONT size=2 face="serif">There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $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, 2004, 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>
   <TD width="27%">&nbsp;</TD>
   <TD width="11%" align="center"><B><FONT size=2 face="serif">Common</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%" align="center"><B><FONT size=2 face="serif">Common</FONT></B></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="24%" align="center">&nbsp;</TD>
   <TD width="11%" align="center"><B><FONT size=2 face="serif">Common</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%" align="center"><B><FONT size=2 face="serif">Common</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif">Shares</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif">Shares</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif">Shares</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif">Shares</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center"><B><FONT size=2 face="serif"> Outstanding</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif"> Owned</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center"><B><FONT size=2 face="serif"> Outstanding</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif"> Owned</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">16,707,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6,646,343</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">43,588,385</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1,007,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7,093</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1,007,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7,093</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7,414,793</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">14,985,501</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1,307,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7,093</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1,127,093</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7,093</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">12,521,494</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the six months ended April 30, 2004, Municipal Income issued 35,706 additional shares under its dividend reinvestment plan. During the year ended October 31, 2003, Municipal Income
issued 69,968 additional shares under its dividend reinvestment plan.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of April 30, 2004, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus
any accumulated unpaid dividends.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width="29%" align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD width="7%" align="center"><B><FONT size=2 face="serif">Series </FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%" align="center"><B><FONT size=2 face="serif"> Shares</FONT></B></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="26%" align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD width="7%" align="center"><B><FONT size=2 face="serif"> Series</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="8%" align="center"><B><FONT size=2 face="serif">Shares </FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,262</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">R7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">340</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">T28</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,600</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,302</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">M7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,001</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">300</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,001</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">R7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,552</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">W7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,001</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">F7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">392</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">R7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,001</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">W7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,195</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">F7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,001</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">F7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,195</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">W7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">300</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,639</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">R7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2,639</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<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 period ended April 30, 2004, were as follows:</FONT></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="32%" align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center" width="5%"><B><FONT size=2 face="serif"> Low</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="5%"><B><FONT size=2 face="serif"> High</FONT></B></TD>
   <TD align="center" width="8%">&nbsp;</TD>
   <TD align="center" width="31%"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center" width="5%"><B><FONT size=2 face="serif"> Low</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="5%"><B><FONT size=2 face="serif"> High</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.80</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.34</FONT></TD>
   <TD width="8%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="31%"><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.19</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.10</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.45</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.35</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="31%"><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.45</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.10</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.45</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.25</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="31%"><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.40</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.25</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.75</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.40</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="31%"><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.45</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.25</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.80</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">2.20</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="31%"><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">0.40</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><FONT size=2 face="serif">1.30</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<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 $25,000 per share plus any accumulated or unpaid dividends whether or not
declared. The preferred shares are also subject to mandatory redemption at $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 align="center">
<FONT size=2 face="serif">55</FONT>
</P>

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


<A name="page_114"></A>

<PAGE>


<A name="page_115"></A>

<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, 2004, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2004, to shareholders of record on May
14, 2004. The per share common dividends declared were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif">Common Dividend</FONT></B></TD>
   <TD width="8%" align="center">&nbsp;</TD>
   <TD width="29%" align="center">&nbsp;</TD>
   <TD align="center"><B><FONT size=2 face="serif">Common Dividend</FONT></B></TD>
  </TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Trust </FONT></B></div></TD>
   <TD align="center"><B><FONT size=2 face="serif"> Per Share</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center"><B><FONT size=2 face="serif"> Per Share</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD width="15%" align="right"><div align="center"><FONT size=2 face="serif">$0.076189&nbsp;&nbsp;</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD width="18%" align="center"><FONT size=2 face="serif">$0.075375&nbsp;&nbsp;</FONT></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">0.081125</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">0.067148</FONT></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">0.070600</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">0.075108</FONT></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">0.076074</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">0.073125</FONT></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD align="right"><div align="center"><FONT size=2 face="serif">0.070781</FONT></div></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD align="center"><FONT size=2 face="serif">0.075339</FONT></TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="serif">The dividends declared on preferred shares for the period May 1, 2004 to May 31, 2004, for each of the Trusts were as follows:</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width="29%">&nbsp;</TD>
   <TD width="7%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif">Dividends</FONT></B></TD>
   <TD width="7%" align="center">&nbsp;</TD>
   <TD width="25%" align="center">&nbsp;</TD>
   <TD width="7%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">Dividends</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif"> Trust</FONT></B></div></TD>
   <TD align="center"><B><FONT size=2 face="serif"> Series</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2 align="center"><B><FONT size=2 face="serif"> Declared</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Trust </FONT></B></div></TD>
   <TD align="center"><B><FONT size=2 face="serif"> Series</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif"> Declared</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">61,456</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">Florida Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">R7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="serif">6,992</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">T28</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">45,864</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">Florida Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">42,242</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">M7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">72,954</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3,813</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">58,129</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New Jersey Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">R7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">45,630</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">W7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">57,229</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">F7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8,052</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">R7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">58,700</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD><FONT size=2 face="serif">New York Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">W7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">36,613</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">F7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">56,329</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">F7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">43,966</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">W7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5,178</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">T7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">48,505</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">R7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">47,264</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P>
<B><FONT face="serif">Note 7.</FONT><font size=2 face="serif"> </font><b><font face="serif">Reimbursements </font></b><font size=2
face="serif"></font><FONT face="serif"> </FONT></B><FONT size=2 face="serif">In December of 2003, the Advisor determined that each of the Municipal Investment Quality, California </FONT><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 $167,280.00 for Municipal Investment Quality, $10,779.26 for California Investment Quality, $46,655.67 for Florida Investment Quality and $4,284.00 for New York Investment
Quality. The amount of the reimbursement for the losses was $18,420.76 for California Investment Quality, $86,481.10 for New Jersey Investment Quality and $3,690.00 for New York Investment Quality. Such amounts have been reflected in the
accompanying financial statements for the six months ended April 30, 2004.</FONT>
</P>
<P>
<B><FONT face="serif">Note 8. Investment Policy </FONT></B><FONT size=2 face="serif">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">56</FONT>
</P>

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<A name="page_116"></A>

<PAGE>


<A name="page_117"></A>

<P align="center">
<B><FONT face="serif">DIVIDEND REINVESTMENT PLANS</FONT></B>
</P>
<hr noshade>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to each Trust&#146;s Dividend Reinvestment Plan (the &#147;Plan"), 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") 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, which serves as agent for the shareholders in administering the Plan.</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"). 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") or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share (&#147;NAV") is
equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as "market premium"), 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"), 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 $2.50 sales fee and a $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>
<P align="center">
<FONT size=2 face="serif">57</FONT>
</P>

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<A name="page_118"></A>

<PAGE>


<A name="page_119"></A>

<P align="center">
<B><FONT face="serif">ADDITIONAL INFORMATION</FONT></B>
</P>
<hr noshade>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Joint Annual Meeting of Shareholders was held on May 26, 2004, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise
indicated, expiring in 2007:</FONT></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="60%"><B><FONT size=2 face="serif">Municipal Investment Quality</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="175" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class II Directors as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Director </FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Frank J. Fabozzi</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">4,579</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">456</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Walter F. Mondale</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">13,260,683</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,070,810</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Ralph L. Schlosstein</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">14,148,010</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">183,483</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Municipal </FONT></B><B><FONT size=2 face="serif">Income</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="100" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class III Trustees as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Trustee</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Andrew F. Brimmer</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">38,345,234</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">639,292</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Kent Dixon</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">38,443,181</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">541,345</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Robert S. Kapito</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">38,446,429</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">538,097</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">California Investment Quality</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="175" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class I Directors as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Director</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Richard E. Cavanagh</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">279</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">602,054</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">7,123</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">California Income</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="100" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class III Trustees as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Trustee</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Andrew F. Brimmer</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">12,705,364</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">94,387</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Kent Dixon</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">12,703,580</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">96,171</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Robert S. Kapito</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">12,711,349</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">88,402</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Florida Investment Quality</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="150" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class I Trustees as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Trustee </FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Richard E. Cavanagh</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">322</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">0</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">950,094</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">7,762</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Florida </FONT></B><B><FONT size=2 face="serif">Income</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="100" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class III Trustees as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Trustee</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Andrew F. Brimmer</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">5,803,225</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">83,799</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Kent Dixon</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">5,811,225</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">75,799</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Robert S. Kapito</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">5,811,678</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">75,346</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">New Jersey Investment Quality</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="175" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class I Directors as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Director </FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="8%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Richard E. Cavanagh</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">300</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">0</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">896,815</FONT></TD>
   <TD width="8%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">8,087</FONT></TD>
   <TD width="8%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">58</FONT>
</P>

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


<A name="page_120"></A>

<PAGE>


<A name="page_121"></A>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="63%"><B><FONT size=2 face="serif">New Jersey Income</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="110" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class III Trustees as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Trustee</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="7%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Andrew F. Brimmer</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">6,233,270</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">80,392</FONT></TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Kent Dixon</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">6,242,455</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">71,207</FONT></TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Robert S. Kapito</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">6,244,416</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">69,246</FONT></TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">New York Investment Quality</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="175" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class I Directors as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Director</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="7%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Richard E. Cavanagh</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">377</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,075,136</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">6,314</FONT></TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">New York Income</FONT></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="100" size=1 noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Elected the Class III Trustees as follows:</FONT></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Trustee</FONT></B></TD>
   <TD align="center" width="12%"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="7%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <TD><HR align="left" width="50" size=1 noshade></TD>
   <TD><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Andrew F. Brimmer</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">10,998,688</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">136,186</FONT></TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Kent Dixon</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">11,009,087</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">125,787</FONT></TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Robert S. Kapito</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">10,989,106</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD align="right" width="11%"><FONT size=2 face="serif">145,768</FONT></TD>
   <TD width="7%">&nbsp;</TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to the election of Directors/Trustees, the following Trusts had an additional proposal (Proposal #2) to amend its respective Articles Supplementary in order to require an annual,
instead of a quarterly, valuation date in connection with certain asset coverage tests:</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="39%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes for</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Against</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="2" align="center"><B><FONT size=2 face="serif">Votes Withheld</FONT></B></TD>
  </TR>
<TR>
   <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>
  </TR>
<TR>
   <TD><FONT size=2 face="serif">Municipal Investment Quality</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">12,903,291</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,260,154</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">168,048</FONT></TD>
   <TD width="6%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">California Investment Quality</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">584,120</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">21,157</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">3,900</FONT></TD>
   <TD width="6%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New Jersey Investment Quality</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">875,194</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">6,272</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">23,436</FONT></TD>
   <TD width="6%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York Investment Quality</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,027,905</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">33,033</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">20,512</FONT></TD>
   <TD width="6%">&nbsp;</TD>
</TR>
</TABLE>
<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/funds/cefunds/index.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, Henry Gabbay and Anne Ackerley&#151;Managing Directors of the Advisor and the Sub-Advisor, Richard M. Shea and James
Kong&#151;Managing Directors of the Sub-Advisor, Vincent B. Tritto&#151;Director of the Sub-Advisor, and Brian P. Kindelan&#151;Director of the Advisor.</FONT></P>
<P align="center">
<FONT size=2 face="serif">59</FONT>
</P>

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<P align="center">
<FONT size=6 face="serif">BlackRock Closed-End Funds</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD colspan=2><FONT face="serif">Director/Trustees</FONT></TD>
   <TD colspan="2" align="center"><div align="left"><FONT face="serif">Transfer Agent</FONT></div></TD>
   <TD align="center" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Ralph L. Schlosstein, Chairman</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">EquiServe Trust Company, N.A.</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Andrew F. Brimmer</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">250 Royall Street</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Richard E. Cavanagh</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Canton, MA 02021</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Kent Dixon</FONT></TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="right" width="53%"><div align="left"><FONT size=2 face="serif">(800) 699-1BFM</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD width="40%"><FONT size=2 face="serif">Frank J. Fabozzi</FONT></TD>
  <TD colspan="2" align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Robert S. Kapito</FONT></TD>
   <TD colspan="2" align="right"><div align="left"><FONT face="serif">Auction Agent<sup><font face="serif">1</font></sup></FONT></div></TD>
   <TD width="3%"><SUP></SUP></TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Bank of New York</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Walter F. Mondale</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">100 Church Street, 8th Floor</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">New York, NY 10286</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=2><font face="serif">Officers</font></TD>
  <TD colspan="2" align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Robert S. Kapito, <em>President</em></FONT></TD>
   <TD colspan="2" align="right"><div align="left"><FONT face="serif">Auction Agent<sup><font face="serif">2</font></sup></FONT></div></TD>
   <TD width="3%"><SUP></SUP></TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Henry Gabbay, <em>Treasurer</em></FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Deutsche Bank Trust Company Americas</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Anne Ackerley, <em>Vice President</em></FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">60 Wall Street, 27th Floor</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Kevin M. Klingert, <em>Vice President</em></FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">New York, NY 10005</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><font size=2 face="serif">Richard M. Shea, <em>Vice President/Tax</em></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><font size=2 face="serif">James Kong, <em>Assistant Treasurer</em></font></TD>
   <TD colspan="2"><FONT face="serif">Independent Accountants</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><font size=2 face="serif">Vincent B. Tritto, <em>Secretary</em></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Deloitte &amp; Touche LLP</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><font size=2 face="serif">Brian P. Kindelan, <em>Assistant Secretary</em></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">200 Berkeley Street</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Boston, MA 02116</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan="2"><font face="serif">Investment Advisor</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><font size=2 face="serif">BlackRock Advisors, Inc.</font></TD>
   <TD colspan="2"><FONT face="serif">Legal Counsel</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><font size=2 face="serif">100 Bellevue Parkway</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Skadden, Arps, Slate, Meagher &amp; Flom LLP</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">Wilmington, DE 19809</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Four Times Square</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">(800) 227-7BFM</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">New York, NY 10036</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan="2"><font face="serif">Sub-Advisor</font><sup><font face="serif">1</font></sup></TD>
   <TD colspan="2"><FONT face="serif">Legal Counsel &#150; Independent Trustees</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><font size=2 face="serif">BlackRock Financial Management, Inc.</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Debevoise &amp; Plimpton LLP</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">40 East 52nd Street</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">919 Third Avenue</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%"><FONT size=2 face="serif">New York, NY 10022</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">New York, NY 10022</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan="2"><font face="serif">Custodian</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">This report is for shareholder information. This is not a prospectus</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="2%">&nbsp;</TD>
  <TD width="40%"><FONT size=2 face="serif">State Street Bank and Trust Company</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif"> intended for use in the purchase or sale of Trust shares.</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="2%">&nbsp;</TD>
  <TD width="40%"><FONT size=2 face="serif">225 Franklin Street</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Statements and other information contained in this report are as</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="2%">&nbsp;</TD>
  <TD width="40%"><FONT size=2 face="serif">Boston, MA 02110</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">dated and are subject to change.</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="2%"><hr size="1" noshade></TD>
  <TD width="40%"><hr align="left" width="75" size="1" noshade></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="center" width="2%"><FONT size=1 face="serif">1</FONT></TD>
  <TD width="40%"><FONT size=1 face="serif">For the Income Trusts.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">BlackRock Closed-End Funds</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="2%"><div align="center"><FONT size=1 face="serif">2</FONT></div></TD>
  <TD width="40%"><font size=1 face="serif">For the Investment Quality Trusts.</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">c/o BlackRock Advisors, Inc.</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="center" width="2%">&nbsp;</TD>
  <TD width="40%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">100 Bellevue Parkway</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif">Wilmington, DE 19809</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="2%">&nbsp;</TD>
   <TD width="40%">&nbsp;</TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="right" width="53%"><div align="left"><FONT size=2 face="serif">(800) 227-7BFM</FONT></div></TD>
   <TD width="3%">&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)227-7BFM.</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) 699-1236. These policies and procedures are also available on the website of the Securities and Exchange Commission at http://www.sec.gov.</FONT></P>

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


<A name="page_126"></A>

<PAGE>


<A name="page_127"></A>

<P>&nbsp;
</P>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td><p><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.</font> </p>
    <p> <font size=1 face="sans-serif">CEF-SEMI-1</font> </p></td>
    <td><div align="right"><img src="c32724_n-csrsx127x1.jpg" border=0></div></td>
  </tr>
</table>
<P>&nbsp;</P>
<P align="right">&nbsp;
</P>

<hr size="2" noshade><PAGE>
<p align=left>&nbsp;</p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 2.</b></font></td>
<td valign=top><font size=2><b>Code of Ethics.</b></font></td></tr></table><br>
<p align=left><font size=2>Not applicable for semi-annual reports.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 3.</b></font></td>
<td valign=top><font size=2><b>Audit Committee Financial Expert.</b></font></td></tr></table><br>
<p align=left><font size=2>Not applicable for semi-annual reports.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 4.</b></font></td>
<td valign=top><font size=2><b>Principal Accountant Fees and Services.</b></font></td></tr></table><br>
<p align=left><font size=2>Not applicable for semi-annual reports.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 5.</b></font></td>
<td valign=top><font size=2><b>Audit Committee of Listed Registrants.</b></font></td></tr></table><br>
<p align=left><font size=2>Not applicable for semi-annual reports.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 6.</b></font></td>
<td valign=top><font size=2><b>Schedule of Investments.</b></font></td></tr></table><br>
<p align=left><font size=2>Not applicable for reports for periods ending on or before July 9, 2004.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 7.</b></font></td>
<td valign=top><font size=2><b>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</b></font></td></tr></table><br>
<p align=left><font size=2>Not applicable for semi-annual reports.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 8.</b></font></td>
<td valign=top><font size=2><b>Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.</b></font></td></tr></table><br>
<p align=left><font size=2>Not applicable for reports covering periods ending on or before June 15, 2004.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 9.</b></font></td>
<td valign=top><font size=2><b>Submission of Matters to a Vote of Security Holders.</b></font></td></tr></table><br>
<p align=left><font size=2>Not applicable.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=60><font size=2><b>Item 10.</b></font></td>
<td valign=top><font size=2><b>Controls and Procedures.</b></font></td></tr></table><br>
<p align=left><font size=2>(a) The Registrant&#146;s principal executive officer and principal financial officer have evaluated the Registrant&#146;s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant&#146;s disclosure controls and procedures are effective, as of a 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 align=left><font size=2>(b) The Registrant&#146;s principal executive officer and principal financial officer are aware of no changes in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top><font size=2><b>Item 11. Exhibits.</b></font><font size=2></font></td>
</tr></table>
<br>
<p align=left><font size=2>(a)(1) Not applicable.</font></p>
<p align=left><font size=2>(a)(2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></p>
<p align=left><font size=2>(a)(3) Not applicable.</font></p>
<p align=left><font size=2>(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p>

<CENTER><font size=2>2</font>
</CENTER><br><HR noshade align=center width=100% size=2><PAGE>

<p align=center><font size=2><B>SIGNATURES</B></font></p>
<p align=left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<table width=95% cellspacing=0 cellpadding=0>
  <tr>
    <td colspan="3" align=left><font size=2>(Registrant) ___The BlackRock New York Municipal Income Trust__________________________________________</font></td>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline"><td width=124 align=left><font size=2>By:</font></td>
  <td width=14>&nbsp;</td>
  <td width=702 align=left><font size=2>/s/ Henry Gabbay<br>
    ___________________________________________
      </font></td>
<tr valign="baseline"><td width=124 align=left><font size=2>Name:</font></td>
  <td width=14>&nbsp;</td>
  <td width=702 align=left><font size=2>Henry Gabbay</font></td>
<tr valign="baseline"><td width=124 align=left><font size=2>Title:</font></td>
  <td width=14>&nbsp;</td>
  <td width=702 align=left><font size=2>Treasurer</font></td>
<tr valign="baseline"><td width=124 align=left><font size=2>Date:</font></td>
  <td width=14>&nbsp;</td>
  <td width=702 align=left><font size=2>July 2, 2004</font></td>
</TABLE>
<br>
<p align=left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<table width=95% cellspacing=0 cellpadding=0>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline"><td width=123 align=left><font size=2>By:</font></td>
  <td width=16>&nbsp;</td>
  <td width=701 align=left><font size=2>/s/ Robert S. Kapito
      <br>
      ___________________________________________
</font></td>
<tr valign="baseline"><td width=123 align=left><font size=2>Name:</font></td>
  <td width=16>&nbsp;</td>
  <td width=701 align=left><font size=2>Robert S. Kapito</font></td>
<tr valign="baseline"><td width=123 align=left><font size=2>Title:</font></td>
  <td width=16>&nbsp;</td>
  <td width=701 align=left><font size=2>Principal Executive Officer</font></td>
<tr valign="baseline"><td width=123 align=left><font size=2>Date:</font></td>
  <td width=16>&nbsp;</td>
  <td width=701 align=left><font size=2>July 2, 2004</font></td>
</TABLE>
<br>
<table width=95% cellspacing=0 cellpadding=0>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  <tr valign="baseline"><td width=124 align=left><font size=2>By:</font></td>
  <td width=15>&nbsp;</td>
  <td width=701 align=left><font size=2>/s/ Henry Gabbay
      <br>
    ___________________________________________      </font></td>
<tr><td width=124 valign=top align=left><font size=2>Name:</font></td>
  <td width=15>&nbsp;</td>
  <td width=701 valign=top align=left><font size=2>Henry Gabbay</font></td>
<tr><td width=124 valign=top align=left><font size=2>Title:</font></td>
  <td width=15>&nbsp;</td>
  <td width=701 valign=top align=left><font size=2>Principal Financial Officer</font></td>
<tr><td width=124 valign=top align=left><font size=2>Date:</font></td>
  <td width=15>&nbsp;</td>
  <td width=701 valign=top align=left><font size=2>July 2, 2004</font></td>
</TABLE>
<br>

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<p align=right><font size=2><b>Exhibit 99.Cert</b></font></p>
<p align=center><font size=2><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></font></p>
<p align=center><font size=2><b><U>CERTIFICATIONS</U></b></font></p>
<p align=left><font size=2>I, Robert Kapito, certify that:</font></p>
<p align=left><font size=2>1. I have reviewed this report on Form N-CSR of The BlackRock New York Municipal Income Trust;</font></p>
<p align=left><font size=2>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 align=left><font size=2>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 align=left><font size=2>4. The registrant&#146;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) for the registrant and have:</font></p>
<p align=left><font size=2>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 align=left><font size=2>b) Evaluated the effectiveness of the registrant&#146;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 align=left><font size=2>c) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant&#146;s most recent fiscal half-year (the registrant&#146;s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>
<p align=left><font size=2>5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p align=left><font size=2>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&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p align=left><font size=2>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls.</font></p>
<p align=left><font size=2>Date: July 2, 2004</font></p>
<br>
<br>
<br>
<table width=80% cellspacing=0 cellpadding=0>
  <tr>
    <td width=40%  align=left><font size=2><br>
          <br>
          <br>
    </font></td>
    <td width=5%>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=40% align=left><font size=2>/s/ Robert S. Kapito<br>
      ___________________________________________ </font></td>
  </tr>
  <tr>
    <td width=40%>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=5% align=right><font size=2>&nbsp;&nbsp;&nbsp;</font></td>
    <td width=40% align=left><font size=2>Robert S. Kapito</font></td>
  </tr>
  <tr>
    <td width=40%>&nbsp;</td>
    <td width=5%>&nbsp;</td>
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    <td width=40% align=left><font size=2>Principal Executive Officer</font></td>
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<p align=right><font size=2><b>Exhibit 99.Cert</b></font></p>
<p align=center><font size=2><B>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</B></font></p>
<p align=center><font size=2><b><U>CERTIFICATIONS</U></b></font></p>
<p align=left><font size=2>I, Henry Gabbay, certify that:</font></p>
<p align=left><font size=2>1. I have reviewed this report on Form N-CSR of The BlackRock New York Municipal Income Trust;</font></p>
<p align=left><font size=2>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 align=left><font size=2>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 align=left><font size=2>4. The registrant&#146;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) for the registrant and have:</font></p>
<p align=left><font size=2>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 align=left><font size=2>b) Evaluated the effectiveness of the registrant&#146;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 align=left><font size=2>c) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant&#146;s most recent fiscal half-year (the registrant&#146;s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>
<p align=left><font size=2>5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p align=left><font size=2>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&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p align=left><font size=2>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls.</font></p>
<p align=left><font size=2>Date: July 2, 2004</font></p>
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    <td width=40% align=left><font size=2>/s/ Henry Gabbay<br>
      _______________________________________________</font></td>
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    <td width=40% align=left><font size=2>Henry Gabbay</font></td>
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    <td width=40% align=left><font size=2>Principal Financial Officer</font></td>
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<TYPE>EX-99.906CERT
<SEQUENCE>7
<FILENAME>c32724_99-906cert.htm
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<p align=center><font size=2><b><U>SECTION 906 CERTIFICATION</U></b></font></p>
<p align=left><font size=2>Pursuant to 18 U.S.C. &sect; 1350, the undersigned officers of The BlackRock New York Municipal Income Trust (the &#147;Company&#148;), hereby certify, to the best of their knowledge, that the Company&#146;s Report on Form N-CSR for the period ended April 30, 2004 (the &#147;Report&#148;) 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 align=left><font size=2>Dated: July 2, 2004</font></p>
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    <td width=51%  align=left><font size=2>/s/ Robert S. Kapito<br>
      ____________________________________________________ <br>
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    <td width=7%>&nbsp;</td>
    <td width=39%>&nbsp;</td>
    <td width=3% align=left>&nbsp;</td>
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    <td width=51% align=left><font size=2>Name:&nbsp;&nbsp;&nbsp;Robert S. Kapito</font></td>
    <td width=7%>&nbsp;</td>
    <td width=39% align=right><font size=2>&nbsp;&nbsp;&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
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    <td width=51% align=left><font size=2>Title:&nbsp;&nbsp;&nbsp;Principal Executive Officer</font></td>
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    <td width=39%>&nbsp;</td>
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    <td width=51%  align=left><font size=2>/s/ Henry Gabbay<br>
      ____________________________________________________ <br>
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    <td width=7%>&nbsp;</td>
    <td width=39%>&nbsp;</td>
    <td width=3% align=left>&nbsp;</td>
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    <td width=51% align=left><font size=2>Name:&nbsp;&nbsp;&nbsp;Henry Gabbay</font></td>
    <td width=7%>&nbsp;</td>
    <td width=39% align=right><font size=2>&nbsp;&nbsp;&nbsp;</font></td>
    <td width=3%>&nbsp;</td>
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    <td width=51% align=left><font size=2>Title:&nbsp;&nbsp;&nbsp;Principal Financial Officer</font></td>
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    <td width=39%>&nbsp;</td>
    <td width=3%>&nbsp;</td>
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