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<SEC-DOCUMENT>0000930413-05-000106.txt : 20050107
<SEC-HEADER>0000930413-05-000106.hdr.sgml : 20050107
<ACCEPTANCE-DATETIME>20050107120146
ACCESSION NUMBER:		0000930413-05-000106
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20041031
FILED AS OF DATE:		20050107
DATE AS OF CHANGE:		20050107
EFFECTIVENESS DATE:		20050107

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10337
		FILM NUMBER:		05517482

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

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c34666_ncsr.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c34560_ncsr</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<P align="center">
<FONT face="serif">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549 </FONT>
</P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-CSR </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br>
MANAGEMENT INVESTMENT COMPANIES </FONT></B>
</P>
<P align="center">
<FONT face="serif">Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-10337</FONT>
</P>
<P align="center">
<FONT face="serif">BlackRock New York Municipal Income Trust<br>
(Exact name of registrant as specified in charter) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="65%">
     <center>
       <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>
    </center></TD>
   <TD align="center" width="35%"><center>
     <FONT face="serif">19809</FONT>
   </center></TD>
</TR>
<TR>
   <TD colspan=2><HR align="center" size=2 noshade></TD>
</TR>
<TR>
   <TD><center>
     <FONT face="serif">(Address of principal executive offices)</FONT>
   </center></TD>
   <TD width="35%"><center>
     <FONT face="serif">(Zip code)</FONT>
   </center></TD>
</TR>
</TABLE>
<p></p><P align="center">
<FONT face="serif">Robert S. Kapito, President</FONT>
<p align="center"><FONT face="sans-serif"><B>BlackRock New York Municipal Income Trust</B></FONT>
</P>
<P align="center">
<FONT face="serif">40 East 52nd Street, New York, NY 10022<br>
(Name and address of agent for service) </FONT>
</P>
<P>
<FONT face="serif">Registrant's telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257</FONT>
<p><FONT face="serif">Date of fiscal year end:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2004</FONT>
<p><FONT face="serif">Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2004</FONT>

</P>
<P>&nbsp;</P>

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

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

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


<p></p><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=13% align=center>
<FONT size=1 face="sans-serif">FIXED INCOME</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=1 face="sans-serif">LIQUIDITY</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=1 face="sans-serif">EQUITIES</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=13% align=center>
<FONT size=1 face="sans-serif">ALTERNATIVES</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=22% align=center>
<FONT size=1 face="sans-serif">BLACKROCK SOLUTIONS</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=5 face="sans-serif">BlackRock</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=5 face="sans-serif">Closed-End Funds</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=5 face="sans-serif">Annual Report</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">OCTOBER 31, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=4>
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock Municipal Income Trust (BFK)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock California Municipal Income Trust (BFZ)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock Florida Municipal Income Trust (BBF)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="sans-serif">BlackRock New York Municipal Income Trust (BNY)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
    <div align="right">
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p><img src="c34666_ncsrx1x1.jpg" width="198" height="33" border=0></p>
      <p align="left">
        <FONT size=1 face="sans-serif">NOT FDIC INSURED</FONT><BR>
        <FONT size=1 face="sans-serif">MAY LOSE VALUE</FONT><BR>
        <FONT size=1 face="sans-serif">NO BANK GUARANTEE</FONT></p>


    </div>
    <HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=64% align=right>
<B><FONT face="serif">TABLE OF CONTENTS</FONT></B>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Letter to Shareholders</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">1</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Trusts&#146; Summaries</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Portfolios of Investments</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Financial Statements</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Assets and Liabilities</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">34</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Operations</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">36</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Statements of Changes in Net Assets</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Financial Highlights</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">42</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Notes to Financial Statements</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">52</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Report of Independent Registered Public Accounting Firm</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">57</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Directors/Trustees Information</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">58</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Dividend Reinvestment Plans</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">60</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% align=left>
<FONT face="serif">Additional Information</FONT>&nbsp;
	</TD>
	<TD width=33%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT face="serif">60</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<center><p></p>
  <hr noshade align="center" width="100%" size=4>
  <B><FONT size=2 face="serif">Privacy Principles of the Trusts</FONT></B>
</center>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what
personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to
the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer
agent or third party administrator).</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical,
electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.</FONT></P>

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

<p>&nbsp;</p>
<hr noshade align="center" width="100%" size=4>
<PAGE>

<p align="center">
<B><FONT face="serif">LETTER TO SHAREHOLDERS</FONT></B></p>
<p align="right">
<FONT size=2 face="serif">October 31, 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 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; audited 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 October 31,
2004.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan=15><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Trust (Ticker)</FONT></B>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Current <br>
Yield</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Tax-</FONT></B> <B><FONT size=2 face="serif">Equivalent<br>
        Yield</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
      </center>	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
      <center>
        <B><FONT size=2 face="serif">Closing<br>
        Market<br>
        Price</FONT></B>&nbsp;
      </center></TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
      <HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.05</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">9.31</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;
	</TD>
	<TD width=1%><div align="right">
    </div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">$15.12</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;
	</TD>
	<TD width=1%><div align="right">
    </div></TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">$15.71</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=15><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.93</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">10.66</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.05</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">14.26</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
      <HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.92</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">9.11</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.30</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">14.43</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
      <HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.69</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">10.29</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.65</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">14.77</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=15><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.94</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">9.14</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.30</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">15.02</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=15><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.28</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">9.66</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.40</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">15.27</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=15><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT>&nbsp;	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.37</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">8.26</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>

<FONT size=2 face="serif">15.00</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">14.79</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
      <HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.24</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">9.60</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.45</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">15.38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
      <HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.05</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">9.31</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.50</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">15.35</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=15><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=51% align=left>
<FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.46</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">9.94</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.99</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=4% align=center>
<FONT size=2 face="serif">15.28</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan=15><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 September 30, 2004, BlackRock managed over $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., and its affiliate, BlackRock Financial Management, Inc., which manages the Trusts, are wholly owned subsidiaries of BlackRock.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.</FONT></P>
<IMG src="c34666_ncsrx3x1.jpg" width="465" height="81" border=0>
<BR>
<TABLE width="465" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">Laurence D. Fink</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=30% align=left>
<FONT size=2 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=30% align=left>
<FONT size=2 face="serif">President</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left nowrap>
<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD width=30% align=left nowrap>
<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1</FONT></P>

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

<PAGE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=100% align=left><B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=left><B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=left>&nbsp;<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="5" align=right>
      <center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=5><HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=63% align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">BKN</FONT>
	</TD>
  </TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=63% align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">February 19, 1993</FONT>
	</TD>
  </TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=63% align=left>
<FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">$15.12</FONT>
	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=63% align=left>
<FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">$15.71</FONT>
	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=63% align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($15.12):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">6.05</FONT>
	</TD>
	<TD width=7% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=63% align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">$0.076189</FONT>
	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=63% align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">$0.914268</FONT>
	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=63% align=left>
<FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">36</FONT>
	</TD>
	<TD width=7% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="14" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=11% align=center>&nbsp;

	</TD>
	<TD width=22% align="center">&nbsp;
	</TD>
	<TD colspan="2" align="center">
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD colspan="2" align="center">
<B><FONT size=2 face="serif">10/31/03</FONT></B>&nbsp;
	</TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD colspan="2" align="center">
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD colspan="2" align="center">
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=16>
      <HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD width=22%>&nbsp;
	</TD>
	<TD width=1%><div align="right"><FONT size=2 face="serif">$</FONT></div></TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">15.12</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2%><div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=7% align=center>
<FONT size=2 face="serif">14.26</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">6.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2%><div align="right"><FONT size=2 face="serif">$</FONT>	  </div></TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">15.36</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2%><div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=6% align=center>
<FONT size=2 face="serif">13.09</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=16>
      <HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=11% align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD width=22%>&nbsp;
	</TD>
	<TD width=1%><div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">15.71</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2%><div align="right"><FONT size=2 face="serif">$</FONT></div></TD>
	<TD width=7% align=center>
<FONT size=2 face="serif">15.28</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2.81</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2%><div align="right"><FONT size=2 face="serif">$</FONT> </div></TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">16.08</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2%><div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=6% align=center>
<FONT size=2 face="serif">15.02</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=16>
      <HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">October 31, 2004</FONT></B> </TD>
    <TD width=5% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">October 31, 2003</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">18</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">13</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">17</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Lease Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">13</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Hospital</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Power</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tax Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Housing</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tobacco</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Other</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">October 31, 2004</FONT></B> </TD>
    <TD width=5%>&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">October 31, 2003</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">44</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">46</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">19</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">20</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">21</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">19</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BB/Ba</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Not Rated</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<HR align="left" width="140" size=1 noshade>
<P><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;), Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) or Fitch Ratings
  (&#147;Fitch&#146;s&#148;) rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

<hr noshade align="center" width="100%" size=4>
<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="3" align=right>
      <center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=left>
      <center>
        <FONT size=2 face="serif">BFK</FONT>
      </center>	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=left>
      <center>
        <FONT size=2 face="serif">July 27, 2001</FONT>
      </center>	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">$14.05</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">$14.26</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($14.05):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">6.93</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">$0.081125</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">$0.973500</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">38</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<P><SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="14"><HR noshade size=1></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width=34%>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp; </TD>
    <TD width=3%></TD>
    <TD colspan="2"><B><FONT size=2 face="serif">10/31/03</FONT></B>&nbsp; </TD>
    <TD width=3%>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">Change</FONT></B> </TD>
    <TD width=4%>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">High</FONT></B>&nbsp; </TD>
    <TD width=6%>&nbsp;</TD>
    <TD colspan="2"><B><FONT size=2 face="serif">Low</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=15><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left><B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp; </TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=7% align=right><FONT size=2 face="serif">14.05</FONT>&nbsp; </TD>
    <TD width=3% align=center>&nbsp;</TD>
    <TD width=1% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=12% align=center><FONT size=2 face="serif">13.70</FONT>&nbsp; </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=6% align=right><FONT size=2 face="serif">2.55</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=4%>&nbsp;</TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=6% align=right><FONT size=2 face="serif">14.78</FONT>&nbsp; </TD>
    <TD width=6%>&nbsp;</TD>
    <TD width=1% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=9% align=center><FONT size=2 face="serif">12.36</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=15><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left><B><FONT size=2 face="serif">NAV</FONT></B>&nbsp; </TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=7% align=right><FONT size=2 face="serif">14.26</FONT>&nbsp; </TD>
    <TD width=3% align=center>&nbsp;</TD>
    <TD width=1% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=12% align=center><FONT size=2 face="serif">13.87</FONT>&nbsp; </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=6% align=right><FONT size=2 face="serif">2.81</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=4%>&nbsp;</TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=6% align=right><FONT size=2 face="serif">14.92</FONT>&nbsp; </TD>
    <TD width=6%>&nbsp;</TD>
    <TD width=1% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=9% align=center><FONT size=2 face="serif">13.58</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=15><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Portfolio Composition</FONT></B></P>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td width=55% align=left><b><font size=2 face="serif">Sector</font></b>&nbsp; </td>
    <td colspan="2" align=center><b><font size=2 face="serif">October 31, 2004</font></b> </td>
    <td width=5% align="center">&nbsp;</td>
    <td colspan="2" align=center><b><font size=2 face="serif">October 31, 2003</font></b> </td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Hospital</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">23</font> </td>
    <td width=10% align=left><font size=2 face="serif">%</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">22</font> </td>
    <td width=10% align=left><font size=2 face="serif">%</font>&nbsp; </td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Industrial &amp; Pollution Control</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">19</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">22</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">City, County &amp; State</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">13</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">5</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Transportation</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">8</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">8</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Lease Revenue</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">7</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">8</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Housing</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">7</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">10</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Education</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">6</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">7</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Water &amp; Sewer</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">4</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">1</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Tobacco</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">4</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">10</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Tax Revenue</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">3</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">1</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Power</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">1</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">1</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Other</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">5</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">5</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6" align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="6" align=left><center>
        <b><font size=2 face="serif">Credit Quality Allocations</font></b><b><sup><font size=2 face="serif">4</font></sup></b>
    </center></td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><b><font size=2 face="serif">Credit Rating</font></b>&nbsp; </td>
    <td colspan="2" align=center><b><font size=2 face="serif">October 31, 2004</font></b> </td>
    <td width=5% align="center">&nbsp;</td>
    <td colspan="2" align=center><b><font size=2 face="serif">October 31, 2003</font></b> </td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">AAA/Aaa</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">19</font> </td>
    <td width=10% align=left><font size=2 face="serif">%</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">15</font> </td>
    <td width=10% align=left><font size=2 face="serif">%</font>&nbsp; </td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">AA/Aa</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">4</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">4</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">A</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">32</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">27</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">BBB/Baa</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">32</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">44</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">BB/Ba</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">2</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">&#151;</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">B</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">4</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">5</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=55% align=left><font size=2 face="serif">Not Rated</font>&nbsp; </td>
    <td width=10% align=right><font size=2 face="serif">7</font> </td>
    <td width=10% align=left>&nbsp;</td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><font size=2 face="serif">5</font> </td>
    <td width=10% align=left>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=6><hr noshade size=1>
    </td>
  </tr>
</table>
<BR>
<HR align="left" width="140" size=1 noshade>
<P><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

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

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=right><center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">RAA</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">May 28, 1993</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$</FONT> <FONT size=2 face="serif">14.30</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$</FONT> <FONT size=2 face="serif">14.43</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($14.30):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=left><div align="right"><FONT size=2 face="serif">5.92</FONT> </div></TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$</FONT> <FONT size=2 face="serif">0.0706</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$</FONT> <FONT size=2 face="serif">0.8472</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">34</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
  <TD width=30%>&nbsp;</TD>
  <TD colspan="10"><HR noshade size=1></TD>
  </TR>
<TR align="center" valign="bottom">
	<TD width=30%>&nbsp;

	</TD>
	<TD width=10%>
<B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=10%>
<B><FONT size=2 face="serif">10/31/03</FONT></B>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Change</FONT></B>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=10%>
<B><FONT size=2 face="serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=10%>
<B><FONT size=2 face="serif">Low</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">Market Price</FONT></B>
	</TD>
	<TD align=right>
      <center>
        <FONT size=2 face="serif">$</FONT>
        <FONT size=2 face="serif">14.30</FONT>&nbsp;
      </center></TD>
	<TD width=5%>
	  <center>
    </center></TD>
	<TD align=right>
      <center>
        <FONT size=2 face="serif">$</FONT>
        <FONT size=2 face="serif">14.03</FONT>&nbsp;
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1.92</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=2 face="serif">$</FONT>
        <FONT size=2 face="serif">14.50</FONT>&nbsp;
      </center></TD>
	<TD width=5%>
	  <center>
    </center></TD>
	<TD align=right>
      <center>
        <FONT size=2 face="serif">$</FONT>
        <FONT size=2 face="serif">12.35</FONT>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<B><FONT size=2 face="serif">NAV</FONT></B>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=2 face="serif">$</FONT>
        <FONT size=2 face="serif">14.43</FONT>&nbsp;
      </center></TD>
	<TD width=5%>
	  <center>
    </center></TD>
	<TD align=right>
      <center>
        <FONT size=2 face="serif">$</FONT>
        <FONT size=2 face="serif">14.56</FONT>&nbsp;
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=2 face="serif">$</FONT>
        <FONT size=2 face="serif">14.91</FONT>&nbsp;
      </center></TD>
	<TD width=5%>
	  <center>
    </center></TD>
	<TD align=right>
      <center>
        <FONT size=2 face="serif">$</FONT>
        <FONT size=2 face="serif">13.93</FONT>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">October 31, 2004</FONT></B> </TD>
    <TD width=5% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">October 31, 2003</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Lease Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">24</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">17</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">24</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">25</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">14</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">24</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tobacco</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Power</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
    <B><FONT size=2 face="serif">October 31, 2004</FONT></B>    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
    <B><FONT size=2 face="serif">October 31, 2003</FONT></B>    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">36</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">45</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">18</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">22</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">18</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">B</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Not Rated</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<HR align="left" width="140" size=1 noshade>
<P><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating. </FONT></P>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>

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

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="3" align=right>
      <center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">BFZ</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=2 face="serif">July 27, 2001</FONT>
	</TD>
  </TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif"> <FONT size=2 face="serif">$</FONT> 13.65</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif"> <FONT size=2 face="serif">$</FONT> 14.77</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($13.65):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">6.69</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif"> <FONT size=2 face="serif">$</FONT> 0.076074</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif"> <FONT size=2 face="serif">$</FONT> 0.912888</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% align=left>
<FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">37</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="10" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/03</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">Change</FONT></B>
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">Low</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$13.65</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$13.21</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">3.33</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$14.18</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$12.08</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">NAV</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.77</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$13.97</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">5.73</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$15.08</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$13.71</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">22</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">15</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Lease Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">14</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">13</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tobacco</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Hospital</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Power</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Housing</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">16</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tax Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Other</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
    <B><FONT size=2 face="serif">October 31, 2004</FONT></B>    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
    <B><FONT size=2 face="serif">October 31, 2003</FONT></B>    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">28</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">30</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">33</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">31</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">24</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">20</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BB/Ba</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">B</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">18</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR align="left" width="140" size=1 noshade>
<P><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT></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 October 31, 2004, the market value of these securities was
$8,107,293, representing 2.3% of the Trust&#146;s long-term investments.</FONT></P>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>

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

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=right><center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">RFA</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <FONT size=2 face="serif">May 28, 1993</FONT>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$14.30</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$15.02</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($14.30):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5.94</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.070781</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.849372</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">33</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT></P>
<P><FONT size=1 face="serif"><SUP>2
</SUP>The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="10" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/03</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">Change</FONT></B>
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">Low</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.30</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.47</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">(1.17</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">)%</FONT> </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$15.95</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$13.12</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">NAV</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$15.02</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$15.39</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">(2.40</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">)%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$15.46</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.66</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<hr noshade size=1>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tax Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">20</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">21</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">16</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">23</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">16</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">14</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">14</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Hospital</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Lease Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Power</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">14</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Housing</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
    <B><FONT size=2 face="serif">October 31, 2004</FONT></B>    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
    <B><FONT size=2 face="serif">October 31, 2003</FONT></B>    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">61</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">72</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">16</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">13</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BB/Ba</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Not Rated</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<HR align="left" width="140" size=1 noshade>
<P><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating. </FONT></P>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

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

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=right><center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">BBF</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">July 27, 2001</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$14.40</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$15.27</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($14.40):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6.28</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.075375</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.904500</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">36</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT><SUP><FONT size=1 face="serif"></FONT></SUP></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td colspan="10" align=center><hr noshade size=1></td>
  </tr>
  <tr valign="bottom">
    <td width=30% align=left>&nbsp;</td>
    <td width=10% align=center><b><font size=2 face="serif">10/31/04</font></b>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><b><font size=2 face="serif">10/31/03</font></b>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td colspan="2" align=right><center>
        <b><font size=2 face="serif">Change</font></b>
    </center></td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><center>
        <b><font size=2 face="serif">High</font></b>&nbsp;
    </center></td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><b><font size=2 face="serif">Low</font></b>&nbsp; </td>
  </tr>
  <tr>
    <td colspan=11><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=30% align=left><b><font size=2 face="serif">Market Price</font></b>&nbsp; </td>
    <td width=10% align=center><font size=2 face="serif">$14.40</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><font size=2 face="serif">$13.36</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=7% align=right><font size=2 face="serif">7.78</font> </td>
    <td width=3% align=left><font size=2 face="serif">%</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><center>
        <font size=2 face="serif">$14.75</font>&nbsp;
    </center></td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><font size=2 face="serif">$12.59</font>&nbsp; </td>
  </tr>
  <tr>
    <td colspan=11><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=30% align=left><b><font size=2 face="serif">NAV</font></b>&nbsp; </td>
    <td width=10% align=center><font size=2 face="serif">$15.27</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><font size=2 face="serif">$14.68</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=7% align=right><font size=2 face="serif">4.02</font> </td>
    <td width=3% align=left><font size=2 face="serif">%</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><center>
        <font size=2 face="serif">$15.61</font>&nbsp;
    </center></td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><font size=2 face="serif">$14.42</font>&nbsp; </td>
  </tr>
  <tr>
    <td colspan=11><hr noshade size=1>
    </td>
  </tr>
</table>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">34</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">31</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Hospital</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">19</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">22</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Power</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Housing</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tax Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Lease Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tobacco</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
    <B><FONT size=2 face="serif">October 31, 2004</FONT></B>    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
    <B><FONT size=2 face="serif">October 31, 2003</FONT></B>    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">22</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">19</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">40</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">42</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">13</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">13</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BB/Ba</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Not Rated</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">14</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">15</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of 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 October 31, 2004, the market value of these securities was
$1,745,869, representing 1.1% of the Trust&#146;s long-term investments.</FONT></P>
<P align="center">
<FONT size=2 face="serif">7</FONT></P>

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

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=right><center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">RNJ</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <FONT size=2 face="serif">May 28, 1993</FONT>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$15.00</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$14.79</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($15.00):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5.37</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.067148</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.805776</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">33</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td colspan="10" align=center><hr noshade size=1></td>
  </tr>
  <tr valign="bottom">
    <td width=30% align=left>&nbsp;</td>
    <td width=10% align=center><b><font size=2 face="serif">10/31/04</font></b>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><b><font size=2 face="serif">10/31/03</font></b>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td colspan="2" align=right><center>
        <b><font size=2 face="serif">Change</font></b>
    </center></td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><center>
        <b><font size=2 face="serif">High</font></b>&nbsp;
    </center></td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><b><font size=2 face="serif">Low</font></b>&nbsp; </td>
  </tr>
  <tr>
    <td colspan=11><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=30% align=left><b><font size=2 face="serif">Market Price</font></b>&nbsp; </td>
    <td width=10% align=center><font size=2 face="serif">$15.00</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><font size=2 face="serif">$14.80</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=7% align=right><font size=2 face="serif">1.35</font> </td>
    <td width=3% align=left><font size=2 face="serif">%</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><center>
        <font size=2 face="serif">$15.61</font>&nbsp;
    </center></td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><font size=2 face="serif">$12.85</font>&nbsp; </td>
  </tr>
  <tr>
    <td colspan=11><hr noshade size=1>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=30% align=left><b><font size=2 face="serif">NAV</font></b>&nbsp; </td>
    <td width=10% align=center><font size=2 face="serif">$14.79</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><font size=2 face="serif">$14.90</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=7% align=right><font size=2 face="serif">(0.74</font> </td>
    <td width=3% align=left><font size=2 face="serif">)%</font>&nbsp; </td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=right><center>
        <font size=2 face="serif">$15.39</font>&nbsp;
    </center></td>
    <td width=5%>&nbsp;</td>
    <td width=10% align=center><font size=2 face="serif">$14.44</font>&nbsp; </td>
  </tr>
  <tr>
    <td colspan=11><hr noshade size=1>
    </td>
  </tr>
</table>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">34</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">32</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Hospital</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">15</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Resource Recovery</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Tax Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Housing</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Tobacco</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Power</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Other</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">56</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">64</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">18</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">B</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left>&nbsp;<FONT size=2 face="serif">Not Rated</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1></TD>
  </TR>
</TABLE>
<HR align="left" width="140" size=1 noshade>
<p><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT> </p>
<p>&nbsp;</p>
<P align="center">
<FONT size=2 face="serif">8</FONT></P>

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

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=right><center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">BNJ</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">July 27, 2001</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$14.45</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$15.38</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($14.45):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6.24</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.075108</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.901296</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">36</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="10" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp; </TD>
    <TD width=5% align=left></TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/03</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">Change</FONT></B>
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">Low</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.45</FONT>&nbsp; </TD>
    <TD width=5% align=right>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.04</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">2.92</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$15.12</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$12.72</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">NAV</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$15.38</FONT>&nbsp; </TD>
    <TD width=5% align=right>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.59</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">5.41</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$15.68</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.33</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Hospital</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">23</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">21</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">14</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Lease Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">15</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tobacco</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Housing</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">16</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tax Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Other</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
    <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
    <B><FONT size=2 face="serif">October 31, 2004</FONT></B>    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
    <B><FONT size=2 face="serif">October 31, 2003</FONT></B>    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">25</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">32</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">29</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">20</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">44</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">31</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">B</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Not Rated</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">9</FONT></P>

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

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=right><center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Symbol on American Stock Exchange:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">RNY</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <FONT size=2 face="serif">May 28, 1993</FONT>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$14.50</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$15.35</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($14.50):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6.05</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.073125</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.877500</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">33</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. </FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="10" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/03</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">Change</FONT></B>
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">Low</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.50</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.18</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">2.26</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$14.92</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$12.93</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">NAV</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$15.35</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$15.34</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">0.07</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$15.79</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.81</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">20</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">33</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">18</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">19</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tax Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">13</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Lease Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Housing</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Hospital</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tobacco</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">2</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Power</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">31</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">37</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">33</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">26</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">21</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">25</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BB/Ba</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Caa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR align="left" width="140" size=1 noshade>
<P><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">10</FONT></P>

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

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">TRUST SUMMARIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
 &nbsp;<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 align="center" cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=right><center>
        <B><FONT size=2 face="serif">Trust Information</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Symbol on New York Stock Exchange:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">BNY</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Initial Offering Date:</FONT>&nbsp; </TD>
    <TD colspan="2" align=center><FONT size=2 face="serif">July 27, 2001</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Closing Market Price as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$13.99</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Net Asset Value as of 10/31/04:</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$15.28</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Yield on Closing Market Price as of 10/31/04 ($13.99):</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6.46</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Monthly Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.075339</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Current Annualized Distribution per Common Share:</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">$0.904068</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=85% align=left><FONT size=2 face="serif">Leverage as of 10/31/04:</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">36</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT></P>
<P><SUP><FONT size=1 face="serif">2
</FONT></SUP><FONT size=1 face="serif">The distribution is not constant and is subject to change.</FONT></P>
<P>
<SUP><FONT size=1 face="serif">3 </FONT></SUP><FONT size=1 face="serif">As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).</FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes the changes in the Trust&#146;s market price and NAV:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="10" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/04</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">10/31/03</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">Change</FONT></B>
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <B><FONT size=2 face="serif">High</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">Low</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">Market Price</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$13.99</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$13.45</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">4.01</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$14.82</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$12.38</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=30% align=left><B><FONT size=2 face="serif">NAV</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><FONT size=2 face="serif">$15.28</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.76</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=7% align=right><FONT size=2 face="serif">3.52</FONT> </TD>
    <TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><center>
        <FONT size=2 face="serif">$15.73</FONT>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=center><FONT size=2 face="serif">$14.25</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The following charts show the Trust&#146;s portfolio composition and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Portfolio Composition</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Sector</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Transportation</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">17</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">17</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Lease Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">13</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">19</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Education</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">12</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">9</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tobacco</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">10</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">11</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Housing</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">8</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Tax Revenue</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">City, County &amp; State</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">6</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Hospital</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Water &amp; Sewer</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Other</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><center>
        <B><FONT size=2 face="serif">Credit Quality Allocations</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><B><FONT size=2 face="serif">Credit Rating</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=right><center>
        <B><FONT size=2 face="serif">October 31, 2004</FONT></B>
    </center></TD>
    <TD width=5%><center>
    </center></TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">October 31, 2003</FONT></B>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AAA/Aaa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">24</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">23</FONT> </TD>
    <TD width=10% align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">AA/Aa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">19</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">23</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">26</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">25</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BBB/Baa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">27</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">19</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">BB/Ba</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">1</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">CCC/Caa</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=55% align=left><FONT size=2 face="serif">Not Rated</FONT>&nbsp; </TD>
    <TD width=10% align=right><FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=10% align=right><FONT size=2 face="serif">7</FONT> </TD>
    <TD width=10% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=6><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR align="left" width="140" size=1 noshade>
<P><SUP><FONT size=1 face="serif">4 </FONT></SUP><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT></P>
<P align="center">
<FONT size=2 face="serif">11</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;151.0%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Alabama&#151;5.9%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">14,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">09/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">15,522,360</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Alaska&#151;2.4%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">6,015</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">12/05</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">6,226,668</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">California&#151;20.7%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">5,770</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">California, GO, 5.625%, 5/01/18</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">05/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">6,511,157</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">3,495</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">3,532,536</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Golden St. Tobacco Sec. Corp., Ser. B,</FONT>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">13,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 6/01/43</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">13,663,650</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">6,900</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.625%, 6/01/38</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">7,312,413</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">10,945</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">08/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif"> @ 53.632</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">3,752,493</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">15,460</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Los Angeles Cnty., Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">17,293,401</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,</FONT>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">795</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.90%, 9/01/28</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">09/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">806,361</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,485</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.95%, 9/01/35</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">09/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">1,506,176</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">54,378,187</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Colorado&#151;0.9%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">2,250</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">2,410,875</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Connecticut&#151;1.6%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">3,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Mashantucket Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%, 9/01/28</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">09/09</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">3,066,210</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,140</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 5.25%, 1/01/33</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">01/14</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">1,145,084</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">4,211,294</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">District of Columbia&#151;1.8%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">4,960</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp., 6.50%, 5/15/33</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">4,684,075</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Florida&#151;9.1%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">2,135</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">2,175,074</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">3,700</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum, Ser. A, 7.125%, 4/01/30</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">10/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">4,037,921</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BB</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">4,755</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/14</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">5,064,313</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">2,515</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">2,553,756</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Village Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">10,119,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">23,950,864</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Georgia&#151;5.6%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">12,785</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Atlanta Wtr. and Wstwtr., 5.00%, 11/01/43, FSA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/14</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">13,031,111</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,500</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. &amp; St. Univ. Fndtn., 6.00%, 9/01/33</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">09/14</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">1,569,675</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">14,600,786</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Hawaii&#151;1.1%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">2,500</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Hawaii Dept. of Budget &amp; Fin., Hawaiian Elec. Co. Inc., Ser. D, 6.15%, 1/01/20, AMBAC</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">01/09</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">2,824,750</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Illinois&#151;16.1%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,920</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">1,924,186</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">3,500</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">01/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">3,575,425</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Chicago Brd. of Ed., Sch. Reform, AMBAC,</FONT>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">8,960</FONT>
	</TD>
	<TD width="3%" align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 12/01/07</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">10,086,182</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,040</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 12/01/27</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">12/07</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">1,150,604</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">6,611,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Illinois Edl. Fac. Auth., FGIC,</FONT>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.45%, 7/01/14</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">4,057,120</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.70%, 7/01/13</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">5,073,850</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">5,800</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Illinois Fin. Auth., Northwestern Mem. Hosp., Ser. A, 5.50%, 8/15/43</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">08/14</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">6,023,590</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">3,540</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">O&#146;Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">01/14</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">3,639,085</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">42,141,842</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Indiana&#151;4.0%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 5.10%, 1/15/17</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">10,497,400</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Kentucky&#151;2.4%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">15,715</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/23, MBIA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=center>
      <div align="right"><FONT size=1 face="serif">6,179,295</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=10% align=center>&nbsp;</TD>
  <TD colspan="3" align=left><center>
    <B><FONT size=2 face="serif">Principal</FONT></B>
  </center></TD>
  <TD width=55% align=left>&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=2 face="serif">Option Call</FONT></B> </TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=4% align=left><div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Louisiana&#151;3.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,640</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Orleans, GO, 5.875%, 11/01/29, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,162,139</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,460</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp., Ser. B, 5.875%, 5/15/39</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,907,852</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">9,069,991</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Maryland&#151;0.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,740</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Maryland Hlth. &amp; Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,775,966</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Michigan&#151;1.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,167,360</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Missouri&#151;1.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 12/01/14</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,993,360</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 12/01/26</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,254,525</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,247,885</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Nevada&#151;0.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,020,210</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New Jersey&#151;6.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Delaware River Port. Auth. of PA &amp; NJ, Port Dist. Proj., GO, Ser. B, 5.70%, 1/01/22, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,236,560</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Econ. Dev. Auth., Cigarette Tax Rev., 5.75%, 6/15/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">7,190,120</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 6/15/10</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">8,140,650</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">17,567,330</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New Mexico&#151;0.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,945</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Farmington PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,971,296</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New York&#151;12.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City, GO,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,140</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 8/01/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,264,117</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,805</FONT>
	</TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 6.50%, 2/15/06</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,084,988</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,195</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. E, 6.50%, 2/15/06</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,313,113</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 1/01/08</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,069,960</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 1/01/15</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,017,490</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Transl. Fin. Auth., Ser. B,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,145</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 5/15/10</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">N/A</FONT>
	</TD>
	<TD width=10% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">9,546,754</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,855</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 11/15/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,133,788</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York Dorm. Auth., Univ. of Rochester, Ser. A, MBIA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,030</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 7/01/23</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,599,011</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,865</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 7/01/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,481,295</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,955</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%, 11/01/04</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,955,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">33,465,516</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">North Carolina&#151;2.2%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,712,350</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Ohio&#151;3.8%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Cuyahoga Cnty.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,485</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Cleveland Clinic Hlth. Sys., 6.00%, 1/01/20</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,923,866</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Cleveland Clinic Hlth. Sys., 6.00%, 1/01/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,606,500</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">335</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Port Auth., Port Dev. Proj., 6.00%, 3/01/07</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">355,753</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">9,886,119</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Oregon&#151;1.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,300</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Klamath Falls Elec., Klamath Cogen, 5.50%, 1/01/07</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,399,889</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Pennsylvania&#151;5.0%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">McKeesport Area Sch. Dist., FGIC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">870</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 10/01/31</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">226,826</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,435</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 10/01/31</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">600,666</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.25%, 11/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,091,100</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,100</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.375%, 11/01/41</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,245,390</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.875%, 1/01/15</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,858,928</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog., 5.50%, 6/15/20, FGIC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,207,120</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">13,230,030</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">13</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width="55%" align=center>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Rhode Island&#151;0.8%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Rhode Island Hlth. &amp; Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">05/07</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">2,155,620</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">South Carolina&#151;3.3%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,</FONT>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">2,185</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.25%, 8/01/31</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">08/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">2,311,708</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 6.875%, 8/01/27</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">08/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">4,427,960</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">2,090</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Tobacco Settlement Rev. Mgmt. Auth., Ser. B, 6.375%, 5/15/30</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<FONT size=1 face="serif">No Opt. Call</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">1,949,322</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">8,688,990</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Tennessee&#151;5.1%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">Baa1</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">7,800</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">8,004,906</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">4,865</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">03/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">5,380,496</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">13,385,402</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Texas&#151;10.7%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">BBB</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">4,300</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">10/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">4,581,908</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Dallas Cnty. Util. &amp; Cap. Reclam. Dist., Ser. A, AMBAC,</FONT>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">6,085</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 2/15/19</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">02/05</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif"> &nbsp;@ 44.538</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">2,685,615</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">3,800</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 2/15/20</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">02/05</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif"> &nbsp;@ 41.799</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">1,573,352</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Grapevine, GO, 5.875%, 8/15/24, FGIC</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">08/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">6,789,420</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/30</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif"> &nbsp;@ 61.166</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">727,250</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,250</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Northside Indpt. Sch. Dist., Ser. A, 5.00%, 2/15/32</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">1,269,713</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">Baa1</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">6,320</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/11</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">6,265,711</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">15,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">08/12</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif"> &nbsp;@ 32.807</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">3,133,350</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AA+</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">08/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">1,125,940</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">28,152,259</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Utah&#151;1.2%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Intermountain Pwr. Agcy., Pwr. Sply. Rev.,</FONT>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,950</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 7/01/13, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">1,957,761</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">A+</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,145</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.00%, 7/01/16</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">1,148,469</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">3,106,230</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Washington&#151;7.5%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Washington, GO,</FONT>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">Aa1</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.375%, 7/01/21</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">07/06</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">4,136,840</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">Aa1</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 6.00%, 1/01/25</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">1,124,850</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">AAA</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">13,395</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Washington Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">07/06</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">14,417,440</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">19,679,130</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Wisconsin&#151;1.3%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">A-</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">3,220</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Wisconsin Hlth. &amp; Edl. Facs. Auth., Aurora Hlth. Care, 6.40%, 4/15/33</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">04/13</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">3,518,816</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Wyoming&#151;4.0%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=right>
      <center>
        <FONT size=1 face="serif">A3</FONT>
      </center></TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Sweetwater Cnty. PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">07/06</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">10,574,400</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Multi-State&#151;4.9%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">Baa1</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">7,000</FONT><SUP></SUP>
	</TD>
	<TD width="3%" align=left><SUP><FONT size=1 face="serif">6</FONT></SUP>

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust, Ser. B, Zero Coupon, 11/30/50</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">8,101,660</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=center>
<FONT size=1 face="serif">Baa1</FONT>
	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">4,000</FONT></TD>
	<TD width="3%" align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50</FONT>&nbsp;
	</TD>
	<TD width="10%" align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width="10%" align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">4,729,120</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>&nbsp;

	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">12,830,780</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost $365,778,575)</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">396,233,965</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;5.1%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	</TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">New York&#151;1.2%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=right>
      <center>
        <FONT size=1 face="serif">A1+</FONT>&nbsp;
      </center></TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">3,100</FONT><SUP></SUP>
	</TD>
	<TD width="3%" align=left><SUP><FONT size=1 face="serif">7</FONT></SUP>

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">New York City Transl. Fin. Auth., Ser. A-1, 1.75%, 11/03/04, FRWD</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">3,100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=left>

	  <center>
    </center></TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=left>

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

	</TD>
	<TD width="55%" align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;0.1%</FONT></B>&nbsp;
	</TD>
	<TD width="10%" align=left>

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width="10%" align=right>
      <center>
        <FONT size=1 face="serif">A-1</FONT>
      </center></TD>
	<TD width="4%" align=left>

	</TD>
	<TD width="3%" align=right>
<FONT size=1 face="serif">400</FONT><SUP></SUP>
	</TD>
	<TD width="3%" align=left><SUP><FONT size=1 face="serif">7</FONT></SUP>

	</TD>
	<TD width="55%" align=left>
<FONT size=1 face="serif">Puerto Rico Gov&#146;t. Dev. Bank, 1.70%, 11/03/04, MBIA, FRWD</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="4%" align=right>
<FONT size=1 face="serif">400,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">14</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=right>
      <center>
    </center></TD>
	<TD colspan="3" align=right><center>
    <B><FONT size=2 face="serif">Shares</FONT></B>	  </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=right>
      <center>
    </center></TD>
	<TD colspan="3" align=right><center>
	  <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
    </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Money Market Fund&#151;3.8%</FONT></B>&nbsp;
	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
	<TD width=4% align=right>&nbsp;</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">10,000,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=6>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost $13,500,000)</FONT></B>&nbsp;
	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD width=1% align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="serif">13,500,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=6>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;156.1% (cost $379,278,575)</FONT></B>&nbsp;
	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">409,733,965</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Liabilities in excess of other assets&#151;(0.2)%</FONT>&nbsp;
	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(625,385</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(55.9)%</FONT>&nbsp;
	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(146,633,612</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=6>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=20% align=left>&nbsp;</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">262,474,968</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=6>
	</TD>
	<TD colspan=3>
<HR noshade size=3>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="150" size="1" noshade></TD>
  </TR>
<TR>
	<TD width="28" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="1073">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">This bond is 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">6</FONT></SUP></TD>
	<TD>
<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 October 31, 2004, the Trust
held 4.9% of its net assets, with a current market value of $12,830,780, in securities restricted as to resale.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">7</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is
adjusted. Rate shown as of October 31, 2004.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center colspan=11><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">CAPMAC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Capital Markets Assurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">ETM</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Escrowed to Maturity</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">PCR</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pollution Control Revenue</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FRWD</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Floating Rate Weekly Demand</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
</TABLE>
<hr size="1" noshade>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">15</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
    </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;157.1%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Alabama&#151;6.3%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">7,252,070</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A2</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">15,832,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">15,834,300</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">38,918,870</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Arizona&#151;1.2%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care, 5.80%, 12/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">7,368,830</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">California&#151;21.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">5,208,800</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">54,635</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 27.37</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">10,727,036</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">20,535</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 24.228</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">3,566,724</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">75,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 19.014</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">10,183,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Golden St. Tobacco Sec. Corp.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-1, 6.625%, 6/01/40</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">9,649,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">30,600</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.50%, 6/01/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">32,162,130</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">16,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.625%, 6/01/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">17,486,205</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Lincoln, Spl. Tax, Cmnty. Facs. Dist., 6.00%, 9/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">3,544,135</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">B-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">20,055</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">18,176,047</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">13,320</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">13,804,582</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">5,085,250</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,870</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.90%, 9/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">1,896,722</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,510</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.95%, 9/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">3,560,053</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">135,050,684</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Colorado&#151;0.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Denver Hlth. &amp; Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">3,568,145</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Connecticut&#151;5.0%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,950</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Connecticut Dev. Auth., Connecticut Lt. &amp; Pwr., PCR, Ser. A, 5.85%, 9/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">6,293,017</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Mohegan Tribe Indians, Pub. Impvt. Priority Dist.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,730</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 1/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">2,742,176</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">20,940</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.25%, 1/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">22,135,255</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">31,170,448</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">District of Columbia&#151;6.0%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">District of Columbia,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,390</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Friendship Pub. Charter Sch. Inc., 5.25%, 6/01/33, ACA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">2,410,195</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Georgetown Univ., Ser. A, MBIA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,600</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 4/01/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 22.875</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">2,503,800</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">51,185</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 4/01/37</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 21.546</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">7,724,840</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">25,535</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp., 6.75%, 5/15/40</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">24,897,902</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">37,536,737</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Florida&#151;12.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Amelia Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.30%, 5/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">3,075,930</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Bellalago Edu. Fac., Benefits Dist., Ser. B, 5.80%, 5/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">5/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">3,974,840</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">2,046,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,600</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">4,775,122</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Heritage Isle at Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">5/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">2,006,880</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,670</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">10,406,757</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">9,196,380</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">11,685</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">12,445,109</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,705</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Parkway Ctr. Cmnty. Dev. Dist., Ser. A, 6.30%, 5/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">3,742,532</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,945</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">6,036,612</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,970</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">4,056,308</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Village Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
<FONT size=1 face="serif">10,119,800</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">16</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Option Call</FONT></B>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 <center>
   <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR align="center" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Florida&#151;(cont&#146;d)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">World Commerce Cmnty. Dev. Dist.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">NR</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-1, 6.50%, 5/01/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,056,880</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">NR</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-2, 6.125%, 5/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,771,998</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">77,711,648</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Georgia&#151;6.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Atlanta Wtr. and Wstwtr., FSA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 11/01/37</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,272,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">25,080</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 11/01/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">25,562,790</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,190,560</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">40,026,150</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Idaho&#151;2.9%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">16,970</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">17,819,349</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Illinois&#151;18.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Bolingbrook, Ser. B, FGIC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,120</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/01/33</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,583,275</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">14,085</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/01/34</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,968,977</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">NR</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,630</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,640,093</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,480</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,533,444</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Illinois Dev. Fin. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,145</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">7,470,669</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A2</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">25,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">PCR, Ser. C, 5.95%, 8/15/26</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">25,797,500</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Illinois Edl. Facs. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,264,700</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">7,158,340</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AA+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">20,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Univ. of Chicago, Ser. A, 5.25%, 7/01/41</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">20,726,600</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AA+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,700</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Illinois Fin. Auth., Northwestern Mem. Hosp., Ser. A, 5.50%, 8/15/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,842,635</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A2</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 1/01/22</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,224,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A2</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.625%, 1/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">6,236,760</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">40,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Met. Pier &amp; Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 12/15/34, MBIA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">8,226,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,645</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">O&#146;Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">7,858,984</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">114,532,777</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Indiana&#151;7.1%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">9,178,830</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">7,873,050</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Petersburg, PCR, Pwr. &amp; Lt. Conv.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.90%, 12/01/24</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,480,300</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">16,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.95%, 12/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">16,692,320</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">44,224,500</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Kentucky&#151;1.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,060</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">9,226,251</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Louisiana&#151;4.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Louisiana Local Gov&#146;t. Env. Facs. &amp; Cmnty. Dev. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">21,425</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Cap. Projs. &amp; Equip. Acquisition, 6.55%, 9/01/25, ACA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">24,425,571</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">Baa1</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,605</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,657,635</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">29,083,206</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Maryland&#151;0.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,205</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Maryland Hlth. &amp; Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,291,917</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Michigan&#151;2.9%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">17,210</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">17,988,925</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Mississippi&#151;3.1%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <FONT size=1 face="serif">A</FONT>&nbsp;
      </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">18,680</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">19,505,282</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Nevada&#151;0.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 &nbsp;
 <center>
   <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,235</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,280,169</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New Hampshire&#151;0.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Hampshire Hlth. &amp; Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,676,330</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">17</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Option Call</FONT></B>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New Jersey&#151;8.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Econ. Dev. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">18,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Cigarette Tax Rev., 5.75%, 6/15/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">19,002,460</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">B</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">31,410</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Continental Airlines Inc. Proj., 7.00%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">24,515,819</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kapkowski Road Landfill Proj., 6.50%, 4/01/28</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">9,141,040</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">52,659,319</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New York&#151;2.2%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,375</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Env. Facs. Corp., Clean Wtr. &amp; Drinking Wtr. Rev., NYC Mun. Wtr. Proj. B, 5.00%, 6/15/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,543,184</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,115</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Met. Transp. Auth., Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">7,320,125</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">775,815</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">13,639,124</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Ohio&#151;3.1%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa2</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">14,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">15,099,285</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,760</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Pinnacle Cmnty. Infrastructure, Fin. Auth., Ohio Facs., Ser. A, 6.25%, 12/01/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,847,082</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">18,946,367</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Pennsylvania&#151;4.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">6,804,850</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Pennsylvania Higher Edl. Facs. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">La Salle Univ., 5.50%, 5/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,106,960</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">17,250</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">17,882,730</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">28,794,540</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">South Carolina&#151;5.0%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 11/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,162,100</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 11/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,599,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,075</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.25%, 8/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,369,299</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 6.875%, 8/01/27</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">9,962,910</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">31,094,109</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Tennessee&#151;1.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">20,825</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Knox Cnty. Hlth. Edl. &amp; Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/20, FSA .</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 67.474</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">9,402,071</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Texas&#151;14.1%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,860</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 5/01/36</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">7,451,195</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">945</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.75%, 10/01/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,006,954</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,805</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,868,163</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Harris Cnty. Houston Sports Auth., MBIA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">12,580</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 11/15/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/30</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 61.166</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,829,761</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">26,120</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-3, Zero Coupon, 11/15/37</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/24</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 46.545</FONT>&nbsp;
&nbsp;	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,895,276</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. H, Zero Coupon, 11/15/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/31</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 78.178</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">844,750</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,950</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Northside Indpt. Sch. Dist., Ser. A, 5.00%, 2/15/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,996,522</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,450</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 11/01/11</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,805,555</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,010</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.80%, 11/01/26</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,958,374</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">CC</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,435</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,330,500</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">18,605</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">18,341,739</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,480</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">6,059,124</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Texas Tpke. Auth., Central Sys. Rev., AMBAC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">35,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 8/15/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 30.846</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">6,872,600</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">62,325</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 8/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 28.997</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">11,447,233</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">65,040</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 8/15/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 27.31</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">11,225,253</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">87,932,999</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Virginia&#151;0.3%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,105</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 34.99</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,881,171</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Washington&#151;0.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,190</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 103</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,319,736</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">West Virginia&#151;1.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">8,286,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,070</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">West Virginia Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,140,628</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,427,428</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">18</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Option Call</FONT></B>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=center>
<B><FONT size=2 face="serif">Value</FONT></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Wisconsin&#151;6.1%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Wisconsin Hlth. &amp; Edl. Facs. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Aurora Hlth. Care, 6.40%, 4/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,196,000</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">13,750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Froedert &amp; Cmnty. Hlth. Oblig., 5.375%, 10/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">14,020,600</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Wheaton Franciscan Svcs., 5.75%, 8/15/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,797,700</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">38,014,300</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Multi-State&#151;7.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=right>
      <center>
        <FONT size=1 face="serif">A3</FONT>
      </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.625%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,101,560</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=right>
      <center>
        <FONT size=1 face="serif">A3</FONT>
      </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">11,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-2, 6.30%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">11,967,450</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=right>
      <center>
        <FONT size=1 face="serif">A3</FONT>
      </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">16,000</FONT>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-3, 6.80%, 10/01/52</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">18,284,480</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <FONT size=1 face="serif">Baa1</FONT>
      </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,500</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B-1, 6.80%, 11/30/50</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,250,100</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=right>
      <center>
        <FONT size=1 face="serif">A3</FONT>
      </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,000</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,896,320</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">47,499,910</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost $940,674,471)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">976,591,292</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=10>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;2.3%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Kansas&#151;0.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=right>
      <center>
        <FONT size=1 face="serif">A1</FONT><FONT size=1 face="serif">+</FONT>
      </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,960</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Kansas Dept. Transp. Hwy., Ser. B-1, 1.69%, 11/01/04, FRDD</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,960,000</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="10%">
	</TD>
	<TD colspan=3>&nbsp;
	</TD>
	<TD colspan=3>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD colspan=3><HR width="50" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR>
	<TD width="10%">
	</TD>
	<TD colspan=3>
      <HR width="50" size=1 noshade>
	</TD>
	<TD colspan=6>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Money Market Fund&#151;1.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,150</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,150,000</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Short-Term Investments (cost $14,110,000)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">14,110,000</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;159.4% (cost $954,784,471)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">990,701,292</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;1.0%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,151,088</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(60.4)%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">(375,204,239</FONT>
	</TD>
	<TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">621,648,141</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=3>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="150" size="1" noshade></TD>
  </TR>
<TR>
	<TD width="34" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="1067">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="bottom">
	<TD nowrap>
<SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
	<TD>
<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 October 31, 2004, the Trust
held 7.6% of its net assets, with a current market value of $47,499,910, in securities restricted as to resale.</FONT></TD>
</TR>
<TR valign="bottom"><TD colspan=2>&nbsp;</TD>
</TR><TR valign="bottom">
	<TD nowrap>
<SUP><FONT size=1 face="serif">5</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is
adjusted. Rate shown as of October 31, 2004.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">ACA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Capital Access</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>
	</TD>
	<TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap><div align="right"><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </div></TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FRDD</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Floating Rate Daily Demand</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">PCR</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pollution Control Revenue</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<hr size="1" noshade>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">19</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;119.0%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">California&#151;111.3%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California, GO,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">960</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3,4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 3/01/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">982,329</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">40</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 3/01/19</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">03/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">40,932</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Cnty. Tobacco Sec. Agcy., Ser. B, 6.00%, 6/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">921,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Edl. Facs. Auth., MBIA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">760</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Santa Clara Univ., 5.00%, 9/01/06</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">817,653</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">505</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Student Loan Prog., Ser. A, 6.00%, 3/01/16</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">03/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">533,861</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Pub. Wks. Brd., Lease Rev., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Dept. of Corrections., 6.875%, 11/01/04</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,020,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Univ. Proj., 6.10%, 10/01/06</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,024,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Golden St. Tobacco Sec. Corp., Ser. B,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">600</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 6/01/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">630,630</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">400</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.625%, 6/01/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">423,908</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Los Angeles Cnty.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,113,460</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,077,420</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,150</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,231,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">B-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">945</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. B, 7.50%, 12/01/24</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">858,155</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">999,910</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,079,890</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,001,380</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">506,770</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">150</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">San Francisco City &amp; Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 12-A, 5.90%, 5/01/26, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">159,269</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">40</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">40,144</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">549,345</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">900</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.625%, 6/01/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">750,888</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">370</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">400,033</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">16,164,027</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;7.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">745</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 2/01/12</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">855,491</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">255</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 8/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">269,147</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,124,638</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost $16,425,016)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">17,288,665</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">20</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
	<TD colspan="3" align=right>
      <center>
    <B><FONT size=2 face="serif">Shares</FONT></B>      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
	<TD colspan="3" align=right>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
    </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">MONEY MARKET FUNDS&#151;9.6%</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
	<TD width=4% align=right>&nbsp;</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">700</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">700,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
	<TD width=4% align=right>&nbsp;</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">700</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">SSgA Tax Free Money Mkt. Fund</FONT>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">700,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
	</TD>
	<TD width="20%">
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Money Market Funds (cost $1,400,000)</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,400,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
	</TD>
	<TD width="20%">
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;128.6% (cost $17,825,016)</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">18,688,665</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;23.0%</FONT>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">3,341,178</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(51.6)%</FONT>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(7,501,275</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
	</TD>
	<TD width="20%">
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
	<TD width=4% align=left></TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">14,528,568</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
	</TD>
	<TD width="20%">
	</TD>
	<TD colspan=3>
<HR noshade size=3>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="150" size="1" noshade></TD>
  </TR>
<TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="97%">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">This bond is 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<HR noshade size=1>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC </FONT></TD>
	<TD align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap><FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">COP</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap><FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Certificate of Participation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<HR noshade size=1>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">21</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
    </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;157.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">California&#151;132.2%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">24,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 9/01/31</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,774,405</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,070</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 9/01/32</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,351,789</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California, GO,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 11/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,659,500</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. BZ, 5.35%, 12/01/21, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,603,565</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. BZ, 5.375%, 12/01/24, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,067,050</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Cnty. Tobacco Sec. Agcy.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,349,480</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kern Cnty. Corp., Ser. B, 6.25%, 6/01/37</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,532,420</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Stanislaus Fdg., Ser. A, 5.875%, 6/01/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,340,700</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A2</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left><FONT size=1 face="serif">&nbsp;</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.375%, 5/01/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,366,960</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A2</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.375%, 5/01/22</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">6,513,960</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,549,600</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Hlth. Facs. Fin. Auth., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,136,410</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,890</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kaiser Proj., 5.40%, 5/01/28</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,068,681</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Infrastructure &amp; Econ. Dev.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">20,035</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">20,619,221</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,250</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">J. David Gladstone Inst. Proj., 5.25%, 10/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">15,607,002</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">13,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">14,080,500</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Poll. Ctrl. Fin. Auth., Sld. Wst. Disp. Rev., Republic Svcs. Inc. Proj., Ser. C,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 6/01/23</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,262,040</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B, 5.625%, 8/15/42</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,411,700</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">6,291,180</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,485</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 12/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 37.373</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,884,947</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,485</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 12/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 35.365</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,780,382</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,485</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 12/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 33.465</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,682,853</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 25.78</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">924,350</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 24.228</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">868,450</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">13,445</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 22.819</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,196,913</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 1/15/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 19.014</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">135,780</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,030</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 1/15/40</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,137,722</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Golden St. Tobacco Sec. Corp.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-1, 6.625%, 6/01/40</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,929,900</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-1, 6.75%, 6/01/39</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">986,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,200</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.50%, 6/01/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">10,720,710</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.625%, 6/01/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">6,146,666</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">03/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,961,300</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,700</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">8,259,482</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Lathrop Fin. Auth., Wtr. Sply. Proj.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,855</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.90%, 6/01/27</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,878,782</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,140</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 6/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">5,228,511</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">B-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,110</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=center>
      <div align="left"><FONT size=1 face="serif">Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24</FONT>&nbsp;
      </div></TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">3,724,934</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Palm Springs Mobile Home Park, Sahara Mobile Home Park, 5.625%, 5/15/26</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,032,640</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,220,880</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=center>
      <div align="left"><FONT size=1 face="serif">Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj., 5.125%, 9/01/30, MBIA .</FONT>&nbsp;
      </div></TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">15,979,260</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,905</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Richmond Wst. &amp; Wtr., Zero Coupon, 8/01/31, FGIC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">456,952</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=center>
      <div align="left"><FONT size=1 face="serif">San Francisco City &amp; Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A, 5.25%, 5/01/31, MBIA</FONT>&nbsp;
      </div></TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">6,741,540</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">San Francisco City &amp; Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,775</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.125%, 8/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,816,571</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.25%, 8/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">7,735,650</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">San Jose Multi-Fam. Hsg.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,880</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Lenzen Hsg., Ser. B, 5.45%, 2/20/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,969,050</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,225</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">4,339,455</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">22</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=center>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">California&#151;(cont&#146;d)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,250</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Blossom River Apts., 6.50%, 9/01/39</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">03/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,081,500</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,715</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">John Burns Gardens Apts. Proj., 5.85%, 8/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,750,775</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,235</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">River Town Apts. Proj., 6.00%, 8/01/41</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,265,418</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,075</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,132,072</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,345</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,291,020</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 6/01/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,791,240</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">11,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.625%, 6/01/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,594,680</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,100,020</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,245</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,342,298</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A2</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,060,600</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">292,736,266</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;15.0%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico, Public Impvt., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,850</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 7/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,891,718</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,150</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 7/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,211,204</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,446,900</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.70%, 2/01/10</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">11,399,600</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,750</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 2/01/07</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
    </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,214,140</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">33,163,562</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Multi-State&#151;10.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">6</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-2, 6.30%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,615,650</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">6</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B-1, 6.80%, 11/30/50</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,461,600</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">6</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-1, 6.30%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,563,360</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">6</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B-1, 6.80%, 6/30/50</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,342,360</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">22,982,970</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;157.6% (cost $336,663,830)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">348,882,798</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.0%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,454,021</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(59.6)%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">(131,966,087</FONT>
	</TD>
	<TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">221,370,732</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR noshade size=3>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="150" size="1" noshade></TD>
  </TR>
<TR>
	<TD width="28" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="1073">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">This bond is 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">6</FONT></SUP></TD>
	<TD>
<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 October 31, 2004, the Trust
held 10.4% of its net assets, with a current market value of $22,982,970, in securities restricted as to resale.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<HR noshade size=1>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap><FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">COP</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap><FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Certificate of Participation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">ETM</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Escrowed to Maturity</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
</TABLE>
<HR noshade size=1>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">23</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 <center>
   <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD colspan=10>
<HR align="center" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;115.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Florida&#151;106.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">170</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">208,405</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,072,280</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">Baa1</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">943,540</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,042,070</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,047,690</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 <center>
   <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Dade Cnty., GO, Ser. B, Zero Coupon, 10/01/08, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">651,070</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 <center>
   <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,071,640</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">Aaa</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/01/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,033,380</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%, 3/01/15, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">03/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">516,975</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Florida Dept. of Trans., GO, 5.80%, 7/01/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,036,230</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 7/01/05, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,035,900</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,055,480</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">532,525</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 28.079</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,132,600</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Miami Hlth. Facs. Auth., Catholic Hlth. East, Ser. C, 5.125%, 11/15/24</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">759,607</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AA-</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys., 5.50%, 11/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,041,580</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">NR</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">660</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Stevens Plantation Impvt. Proj., 6.375%, 5/01/13</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">677,503</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">NR</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,058,080</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3,5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,080,760</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 <center>
   <FONT size=1 face="serif">BBB+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,058,750</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="serif">18,056,065</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;8.9%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A-</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">380</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Bldg. Auth., Pub. Ed. &amp; Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">389,265</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 <center>
   <FONT size=1 face="serif">BBB+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">745</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 2/01/12</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">855,491</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 <center>
   <FONT size=1 face="serif">BBB+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">255</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 8/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">269,147</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,513,903</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost $18,280,377)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="serif">19,569,968</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="10%">
	  <center>
    </center></TD>
	<TD colspan=3>&nbsp;
	</TD>
	<TD colspan=3>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD>

	  <center>
    </center></TD>
    <TD colspan=3><HR width="50" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR>
	<TD width="10%">
	  <center>
    </center></TD>
	<TD colspan=3>
      <HR width="50" size=1 noshade>
	</TD>
	<TD colspan=6>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">MONEY MARKET FUNDS&#151;9.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">800,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">SSgA Tax Free Money Mkt. Fund</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="serif">800,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Money Market Funds (cost $1,600,000)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="serif">1,600,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;125.1% (cost $19,880,377)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">21,169,968</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;25.1%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">4,260,344</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(50.2)%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(8,501,222</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">16,929,090</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	  <center>
    </center></TD>
	<TD colspan=3>
<HR noshade size=3>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="150" size=1 noshade></TD>
  </TR>
<TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="97%">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">This bond is 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<HR align="left" size=1 noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>
	</TD>
	<TD align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">COP</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Certificate of Participation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">ETM</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Escrowed to Maturity</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
</TABLE>
<HR align="left" size=1 noshade>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">24</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;155.2%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Florida&#151;134.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>
      <div align="right"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,715</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">8,332,046</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Boynton Beach Multi. Fam. Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,040,920</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Loan Prog., Ser. F-1, 5.00%, 10/01/31, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,844,156</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">943,540</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">7,167,790</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Florida Brd. of Ed., GO,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,550</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.125%, 6/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,754,462</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. J, 5.00%, 6/01/24, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,057,220</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,943,330</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,775</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,845,207</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,715</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,802,534</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">6,995,235</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,450</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,474,157</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%, 11/15/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">7,882,950</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Jacksonville Transp., 5.00%, 10/01/26, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,131,720</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">JEA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Elec. Sys., Ser. A, 5.20%, 10/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,010,050</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Elec. Sys., Ser. A, 5.50%, 10/01/41</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,425,850</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Wtr. &amp; Swr. Sys., Ser. C, 5.25%, 10/01/37</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">7,605,675</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,675</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,745,869</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,770</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Melbourne Wtr. &amp; Swr., Zero Coupon, 10/01/21, FGIC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,300,792</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">3,195,150</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,056,070</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Miami Dade Cnty., Spec. Oblig. Rev., MBIA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,595</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, Zero Coupon, 10/01/19</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 55.413</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,243,732</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,700</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, Zero Coupon, 10/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 25.056</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,958,721</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">25,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, Zero Coupon, 10/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 32.99</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">6,719,250</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. &amp; Impvt. Unit Dev. 43,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,630</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.10%, 8/01/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,696,145</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.125%, 8/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">3,609,515</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,607,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">12,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">12,323,520</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,540,440</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,815</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,865,220</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,116,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,929,495</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tampa Wtr. &amp; Swr., Ser. A, 5.00%, 10/01/26</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,148,320</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Village Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 5/01/22</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,127,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">NR</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,870</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.50%, 5/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,983,715</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%, 10/15/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,074,860</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">136,498,816</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">25</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center>
<B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Option Call</FONT></B>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
 <center>
   <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
	<TD colspan="3" align=left>      <center>
	  <B><FONT size=2 face="serif">Value</FONT></B>
    </center></TD>
  </TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;20.8%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Children&#146;s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
    </div></TD>
	<TD align=right>
<FONT size=1 face="serif">5,345,460</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico, Pub. Impvt., Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">AAA</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,520</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.125%, 7/01/11</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">2,855,689</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A-</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,980</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.125%, 7/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">5,093,295</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.70%, 2/01/10</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">4,559,840</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">BBB+</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 2/01/07</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">3,242,160</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">21,096,444</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;155.2% (cost $151,328,586)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">157,595,260</FONT>
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;1.5%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,476,133</FONT>
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(56.7)%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(57,559,455</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">101,511,938</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=3 noshade>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="150" size=1 noshade></TD>
  </TR>
<TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="97%">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">This bond is 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<HR align="left" size=1 noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">ACA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Capital Access</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT></TD>
	<TD align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">COP</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap><FONT size=2 face="serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Certificate of Participation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">ETM</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Escrowed to Maturity</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">PCR</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pollution Control Revenue</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Radian Asset Assurance</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<HR align="left" size=1 noshade>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">26</FONT></P>

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

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=center>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="3" align=left>

	  <center>
      <B><FONT size=2 face="serif">Value</FONT></B>	    </center></TD>
  </TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;129.1%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

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

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

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

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New Jersey&#151;114.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

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

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

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

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Delaware River Port. Auth. of PA &amp; NJ, 5.75%, 1/01/26, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,109,580</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,071,020</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Middlesex Cnty. Impvt. Auth., St. Student Hsg. Proj., Ser. A, 5.00%, 8/15/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">988,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Econ. Dev. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Cigarette Tax Rev., 5.75%, 6/15/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,025,950</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">B</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">925</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Continental Airlines Inc. Proj., 7.00%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">721,972</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">529,980</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">900</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,028,286</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Edl. Fac. Auth., Rowan Coll., Ser. E, 5.875%, 7/01/06, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,073,670</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Hlth. Care Fac. Fin. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Hackensack Univ. Med. Ctr, 6.00%, 1/01/25</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,057,030</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Joseph&#146;s Hosp. &amp; Med. Ctr., 5.75%, 7/01/16, CONNIE LEE</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,071,880</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Tpke. Auth., Ser. C, AMBAC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">785</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.50%, 1/01/16</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">ETM</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">966,790</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">215</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.50%, 1/01/16</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">265,360</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">375</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 6/15/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">390,953</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">625</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 6/15/15</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">650,950</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">375</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 6/15/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">391,522</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">625</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 6/15/14</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">651,906</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">No. Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,011,130</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,139,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Port Auth. of NY &amp; NJ, 5.75%, 12/15/20</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,032,530</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp., 6.125%, 6/01/42</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">890,290</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">17,068,299</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;7.2%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3,5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico, 5.40%, 7/01/06, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">N/A</FONT>
	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,071,640</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Multi-State&#151;7.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">6</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,101,560</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost $18,061,417)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">19,241,499</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="10%">
	</TD>
	<TD colspan=3>&nbsp;
	</TD>
	<TD colspan=3>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD colspan=3><HR width="50" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="10%">
	</TD>
	<TD colspan=3>
      <HR width="50" size=1 noshade>
	</TD>
	<TD colspan=6>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">MONEY MARKET FUNDS&#151;9.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">700</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">700,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">700</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">SSgA Tax Free Money Mkt. Fund</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">700,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Money Market Funds (cost $1,400,000)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,400,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;138.5% (cost $19,461,417)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">20,641,499</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;11.8%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,759,632</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(50.3)%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(7,501,592</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">14,899,539</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=3 noshade>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><center>
    <HR align="left" width="150" size=1 noshade>
  </center></TD>
  </TR>
<TR>
	<TD width="28" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="1073">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">This bond is 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">6</FONT></SUP></TD>
	<TD>
<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 October 31, 2004, the Trust
held 7.4% of its net assets, with a current market value of $1,101,560, in securities restricted as to resale.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<HR align="left" size=1 noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">FSA</FONT>&nbsp;
      </div></TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">CONNIE LEE</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">College Construction Loan Insurance Association</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">GO</FONT>&nbsp;
      </div></TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">ETM</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Escrowed to Maturity</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">MBIA</FONT>
      </div></TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<HR align="left" size=1 noshade>
<BR>
<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=4>

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Option Call</FONT></B>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
	<TD colspan="2" align=left>

	  <center>
	    <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;153.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New Jersey&#151;111.0%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Cherry Hill Twnshp., GO,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>
      <div align="right"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,065</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 7/15/22</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,274,551</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,275</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 7/15/23</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,467,332</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">12,600</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=center>
      <div align="left"><FONT size=1 face="serif">Garden St. Presvtn. Trust, Open Space &amp; Farmland Presvtn., Zero Coupon, 11/01/26, FSA</FONT>&nbsp;
      </div></TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,328,982</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Middlesex Cnty. Impvt. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,400</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Admin. Bldg. Res. Proj., 5.35%, 7/01/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,461,082</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,470</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,586,622</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Middlesex Cnty. Poll. Ctrl. Auth., Amerada Hess, 6.05%, 9/15/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,622,450</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Econ. Dev. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Cigarette Tax Rev., 5.75%, 6/15/34</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,129,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">B</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,450</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Continental Airlines Inc. Proj., 7.00%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,692,760</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">B</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Continental Airlines Inc. Proj., 7.20%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,600,280</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,630</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,630,026</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,050</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,151,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kapkowski Road Landfill Proj., 6.50%, 4/01/28</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,856,575</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kapkowski Road Landfill Proj., 6.50%, 4/01/31</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,646,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Masonic Charity Fndtn. Proj., 5.50%, 6/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,142,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,119,920</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,960</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Victoria Hlth., Ser. A, 5.20%, 12/20/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 103</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,063,194</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Edl. Facs. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Fairleigh Dickinson Univ., Ser. C, 5.50%, 7/01/23</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,041,290</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Fairleigh Dickinson Univ., Ser. C, 6.00%, 7/01/20</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,186,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">3,211,350</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,120</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,347,943</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New Jersey Hlth. Care Fac. Fin. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Atlantic City Med. Ctr., 5.75%, 7/01/25</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,747,680</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Catholic Hlth. East, Ser. A, 5.375%, 11/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">3,087,870</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kennedy Hlth. Sys., 5.625%, 7/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">10,516,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,960</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">So. Jersey Hosp., 6.00%, 7/01/26</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,065,565</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">So. Jersey Hosp., 6.00%, 7/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,774,890</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,540</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,561,545</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,950</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,055,866</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<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>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">8,763,120</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">18,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Tobacco Settlement Fin. Corp., 6.125%, 6/01/42</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">16,025,220</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Trenton Pkg. Auth., FGIC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,465</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 4/01/25</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,679,665</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 4/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,538,595</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Vineland, GO, MBIA,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.30%, 5/15/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,577,520</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.375%, 5/15/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,582,110</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">126,536,784</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;28.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,735</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.20%, 12/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,793,802</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,735</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.30%, 12/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,784,996</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Hwy. &amp; Transp. Auth., Ser. D, 5.25%, 7/01/38</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">3,945,502</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Bldgs. Auth., Ser. D,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Zero Coupon, 7/01/31, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/17</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">3,635,700</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,765</FONT>
	</TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Gov&#146;t Facs., 5.25%, 7/01/12</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,409,943</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,735</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Gov&#146;t Facs., 5.25%, 7/01/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,801,433</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.70%, 2/01/10</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,559,840</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,040</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 2/01/07</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">7,608,269</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">32,539,485</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">28</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Option Call</FONT></B>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>
      </center></TD>
	<TD colspan="3" align=left>

	  <center>
      <B><FONT size=2 face="serif">Value</FONT></B>	    </center></TD>
  </TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=10>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Multi-State&#151;13.9%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A3</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-2, 6.30%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">7,615,650</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">Baa1</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,500</FONT>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B-1, 6.80%, 11/30/50</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">2,788,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>

	  <center>
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">A3</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-2, 6.30%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">3,241,440</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left> <center>
	  <FONT size=1 face="serif">Baa1</FONT>&nbsp;
    </center></TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B-1, 6.80%, 6/30/50</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">2,228,240</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">15,873,830</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;153.4% (cost $166,977,210)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">174,950,099</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;2.5%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">2,877,247</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(55.9)%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(63,807,919</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">114,019,427</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=3 noshade>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="150" size=1 noshade></TD>
  </TR>
<TR>
	<TD width="33" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="1068">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
	<TD>
<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></TD>
</TR>
<TR valign="top"><TD colspan=2>&nbsp;</TD>
</TR><TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">5</FONT></SUP></TD>
	<TD>
<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 October 31, 2004, the Trust
held 13.9% of its net assets, with a current market value of $15,873,830, in securities restricted as to resale.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<HR align="left" size=1 noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC </FONT></TD>
	<TD align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
</TABLE>
<HR align="left" size=1 noshade>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">29</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>

	  <center>
	    <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;130.4%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New York&#151;121.0%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B, 5.00%, 12/01/33, MBIA .</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,014,010</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,100</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">2,215,059</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,078,140</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City, GO,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">820</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 5/15/10</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">958,826</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">180</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 5/15/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">199,971</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B, 5.70%, 8/15/12</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/05</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,037,870</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">815</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. I, 5.875%, 3/15/06</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>      <center>
    <FONT size=1 face="serif">N/A</FONT>    </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">870,624</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">185</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. I, 5.875%, 3/15/18</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">03/06</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101.5</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">196,350</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Hsg. Dev. Corp. Multi. Fam. Hsg. Rev., Ser. A, 5.25%, 5/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,030,910</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 1/01/08</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,017,490</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.10%, 1/01/09</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,017,650</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Mun. Wtr. Fin. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 6.00%, 6/15/05</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,035,700</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Wtr. &amp; Swr. Sys. Rev., Ser. C, 5.125%, 6/15/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,033,410</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Transl. Fin. Auth., Ser. B,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">815</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 5/15/10</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">955,261</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">185</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 11/15/21</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">212,804</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3,4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.00%, 5/15/10</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,172,100</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York Dorm. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">772,515</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Aa3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Kateri Residence, 5.00%, 7/01/22</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,024,840</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,025,070</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,005</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=center>
      <center>
        <FONT size=1 face="serif">No Opt. Call</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,152,785</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Univ. of Rochester, Ser. B, 5.625%, 7/01/24</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,082,140</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York Urban Dev. Corp., Correctional Facs., 5.70%, 1/01/07, MBIA</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,098,130</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Caa2</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Port Auth. of NY &amp; NJ, Spec. Oblig., Contl./Eastn. Proj. LaGuardia, 9.125%, 12/01/15</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,005,840</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,034,420</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Triborough Brdg. &amp; Tunl. Auth., New York Revs., Refdg., Ser. A, 5.00%, 1/01/32, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">01/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,025,930</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">24,267,845</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;7.8%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Children&#146;s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">445,455</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">745</FONT>
	</TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 2/01/12</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">855,491</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">255</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 8/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">269,147</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">1,570,093</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Trust Territories&#151;1.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Ba3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">315</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">323,272</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost $24,345,131)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=center>
      <div align="right"><FONT size=1 face="serif">26,161,210</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">30</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
  <TD colspan="3" align=right>
    <center>
    <B><FONT size=2 face="serif">Shares</FONT></B>    </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
  <TD colspan="3" align=right>
    <center>
      <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
    </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD colspan="3" align=left>

	  <center>
      <B><FONT size=2 face="serif">Value</FONT></B>	    </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
  <TD width=4% align=left></TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">MONEY MARKET FUNDS&#151;9.9%</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
  <TD width=4% align=right>&nbsp;</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio</FONT>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,000,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=right>&nbsp;</TD>
  <TD width=4% align=right>&nbsp;</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">SSgA Tax Free Money Mkt. Fund</FONT>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,000,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
	</TD>
	<TD width="20%">
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
  <TD width=4% align=left></TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Money Market Funds (cost $2,000,000)</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">2,000,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
	</TD>
	<TD width="20%">
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
  <TD width=4% align=left></TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;140.3% (cost $26,345,131)</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">28,161,210</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
  <TD width=4% align=left></TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Other assets in excess of liabilities&#151;8.5%</FONT>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,707,115</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
  <TD width=4% align=left></TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(48.8)%</FONT>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(9,802,818</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
	</TD>
	<TD width="20%">
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
  <TD width=4% align=left></TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=20%>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">20,065,507</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
	</TD>
	<TD width="20%">
	</TD>
	<TD colspan=3>
<HR align="left" size=3 noshade>
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="2" valign=top nowrap><HR align="left" width="150" size=1 noshade></TD>
  </TR>
  <TR>
    <TD width="3%" valign=top nowrap><SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="97%"><FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD><FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD><FONT size=1 face="serif">This bond is 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> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD><FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
    <TD><FONT size=1 face="serif">See Note 7 of Notes to Financial Statements.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<HR align="left" size=1 noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=9>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>
	</TD>
	<TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap><div align="right"><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </div></TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">MBIA </FONT><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
      </div></TD>
	<TD nowrap>
	  <div align="left"></div></TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
</TABLE>
<HR align="left" size=1 noshade>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">31</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT face="serif">OCTOBER 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left nowrap>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="2" align=left>

	  <center>
	    <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=9>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;157.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">New York&#151;125.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>
      <div align="right"><FONT size=1 face="serif">$</FONT>&nbsp;
      </div></TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=center>
      <div align="left"><FONT size=1 face="serif">Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33</FONT>&nbsp;
      </div></TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,049,680</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Met. Transp. Auth., Ded. Tax Fund, Ser. A,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">12,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">12,247,560</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">12,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.125%, 11/15/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">12,339,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City, GO,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,290</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.375%, 3/15/12</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">3,781,789</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,710</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.375%, 3/15/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">03/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,836,422</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. D, 5.375%, 6/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">7,307,440</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Ind. Dev. Agcy.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Marymount Sch. Proj., 5.125%, 9/01/21, ACA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">770,737</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Marymount Sch. Proj., 5.25%, 9/01/31, ACA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">09/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,036,980</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,550</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Royal Charter Presbyterian, 5.25%, 12/15/32, FSA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,628,213</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">14,850</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">14,714,568</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Term. One Grp. Assoc. Proj., 6.00%, 1/01/19</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">6,104,940</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Mun. Wtr. Fin. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.00%, 6/15/32, FGIC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,096,640</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. C, 5.00%, 6/15/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">6,627,270</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York City Transl. Fin. Auth., Ser. C,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,940</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 5/01/09</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">6,634,148</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,660</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.00%, 5/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">3,738,873</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,700</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York Cntys. Tobacco Trust III, 6.00%, 6/01/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">6,345,838</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York Dorm. Auth.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,235</FONT><SUP></SUP>
	</TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">City Univ., Ser. A, 5.25%, 7/01/11</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">17,379,022</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,765</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">City Univ., Ser. A, 5.25%, 7/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">1,814,596</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">10,780</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">11,308,220</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">New Sch. Univ., 5.00%, 7/01/41, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">9,187,560</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,104,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">No. Shore Long Island Jewish Grp., 5.375%, 5/01/23</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,096,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">No. Shore Long Island Jewish Grp., 5.50%, 5/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,097,060</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York Mtg. Agcy.,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Aa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,950</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 101, 5.40%, 4/01/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">6,062,991</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Aaa</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">15,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A, 5.30%, 10/01/31</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">04/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">15,751,720</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,290</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">6,668,029</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Port Auth. of NY &amp; NJ,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. 124, 5.00%, 8/01/36, FGIC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/08</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">9,577,045</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">13,000</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">12/07</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 102</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">14,240,070</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Caa2</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">9,250</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Spec. Oblig., Contl./Eastn. Proj. LaGuardia, 9.125%, 12/01/15</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/04</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">9,304,020</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=center>
      <div align="left"><FONT size=1 face="serif">Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43</FONT>&nbsp;
      </div></TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,242,375</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">08/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,483,850</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AAA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/14</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">5,172,100</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">7,170,730</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">TSASC Inc., Tobacco Settlement Rev., Ser. 1,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 7/15/32</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">4,641,150</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">8,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">6.375%, 7/15/39</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">8,002,240</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">AA</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/11</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,578,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,000</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 101</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">2,006,120</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">240,148,656</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=2>
<HR align="left" size=1 noshade>
	</TD>
</TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">32</FONT></P>

<HR noshade align="center" width="100%" size=4>


<PAGE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=center nowrap>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY) (continued)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Option Call</FONT></B>
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">(unaudited)</FONT></B>&nbsp;
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2
face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">(unaudited)</FONT></B>
	</TD>
	<TD colspan="3" align=left>      <center>
	  <B><FONT size=2 face="serif">Value</FONT></B>
    </center></TD>
  </TR>
<TR>
	<TD colspan=10>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;18.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB</FONT>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=1 face="serif">$</FONT>
	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,060</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Children&#146;s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">05/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">3,617,095</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Bldgs. Auth., Gov&#146;t Facs., Ser. D,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">4,400</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 7/01/12</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">4,995,540</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A-</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">1,600</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.25%, 7/01/36</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">07/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif"> &nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">1,661,264</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Puerto Rico Pub. Fin. Corp., Ser. E,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,475</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 2/01/12</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">8,583,617</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,525</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.50%, 8/01/29</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">02/12</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">2,665,087</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">7,000</FONT>
	</TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.70%, 2/01/10</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">7,979,720</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,750</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">5.75%, 2/01/07</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">6,214,140</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">35,716,463</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Multi-State 11.7%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Charter Mac Equity Issuer Trust,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT>
	</TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-2, 6.30%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">6,527,700</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">5,500</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B-1, 6.80%, 11/30/50</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">6,134,700</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">MuniMae TE Bond Subsidiary, LLC,</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">A3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">6,000</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. A-1, 6.30%, 6/30/49</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">06/09</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">6,482,880</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">3,000</FONT></TD>
	<TD width=3% align=left><FONT size=1 face="serif"></FONT><SUP><FONT size=1 face="serif">5</FONT></SUP>

	</TD>
	<TD width=55% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Ser. B-1, 6.80%, 6/30/50</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">11/10</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">3,342,360</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">22,487,640</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">Trust Territories&#151;1.6%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=center>
<FONT size=1 face="serif">Ba3</FONT>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">2,945</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33</FONT>&nbsp;
	</TD>
	<TD width=10% align=right>
<FONT size=1 face="serif">10/13</FONT>
	</TD>
	<TD width=10% align=left>
<FONT size=1 face="serif">&nbsp;@ 100</FONT>&nbsp;
	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">3,022,336</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Long-Term Investments (cost $287,483,117)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">301,375,095</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="10%">
	</TD>
	<TD colspan=3>&nbsp;
	</TD>
	<TD colspan=3>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD colspan=3><HR width="50" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Shares</FONT></B>
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">(000</FONT></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
      </center></TD>
	<TD width=55% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="10%">
	</TD>
	<TD colspan=3>
      <HR width="50" size=1 noshade>
	</TD>
	<TD colspan=6>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=2 face="serif">MONEY MARKET FUND&#151;0.2%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=right>
<FONT size=1 face="serif">400</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $400,000)</FONT>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <FONT size=1 face="serif">N/A</FONT>
      </center></TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">400,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Total Investments&#151;157.8% (cost $287,883,117)</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">301,775,095</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Liabilities in excess of other assets&#151;(0.4)%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(729,441</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<FONT size=1 face="serif">Preferred shares at redemption value, including dividends payable&#151;(57.4)%</FONT>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=left>

	  <div align="left"></div></TD>
	<TD align=right>
<FONT size=1 face="serif">(109,771,939</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=55% align=left>
<B><FONT size=1 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
	</TD>
	<TD width=10% align=left>

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
	<TD width=1% align=right>
      <div align="left"><FONT size=1 face="serif">$</FONT>
      </div></TD>
	<TD align=right>
<FONT size=1 face="serif">191,273,715</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=7>
	</TD>
	<TD colspan=3>
<HR align="left" size=3 noshade>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="150" size=1 noshade></TD>
  </TR>
<TR>
	<TD width="28" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="1073">
<FONT size=1 face="serif">Using the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">This bond is 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Entire or partial principal amount pledged as collateral for financial futures contracts.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">5</FONT></SUP></TD>
	<TD>
<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 October 31, 2004, the Trust
held 11.7% of its net assets, with a current market value of $22,487,640, in securities restricted as to resale.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<HR align="left" size=1 noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center colspan=11>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">ACA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Capital Access</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT></TD>
	<TD align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Municipal Bond Insurance Association</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap><FONT size=2 face="sans-serif">&#151;</FONT>&nbsp; </TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Company</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Radian Asset Assurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
</TABLE>
<HR align="left" size=1 noshade>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">33</FONT></P>

<HR noshade align="center" width="100%" size=4><PAGE>



<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">STATEMENTS OF ASSETS AND LIABILITIES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">October 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="30%" align=left>      <div align="left"><B><FONT size=2 face="serif">Assets</FONT></B>&nbsp;
    </div></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left valign="bottom">
      <center>
        <B><FONT size=2 face="serif">Investment Quality</FONT></B><br>

        <B><FONT size=2 face="serif">Municipal Trust<br>
        </FONT></B>
        <B><FONT size=2 face="serif">(BKN)</FONT></B>
	  </center></TD>
	<TD width="2%" valign="bottom">
	  <center>
    </center></TD>
	<TD colspan="3" align=left valign="bottom">
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B><br>

        <B><FONT size=2 face="serif">Income Trust<br></FONT></B>

        <B><FONT size=2 face="serif">(BFK)</FONT></B>
	  </center></TD>
	<TD width="2%" valign="bottom">
	  <center>
    </center></TD>
	<TD colspan="3" align=left valign="bottom">
      <center>
        <B><FONT size=2 face="serif">California</FONT></B>
        <B><FONT size=2 face="serif"><br>
        Investment Quality<br></FONT></B>
        <B><FONT size=2 face="serif">
        Municipal Trust</FONT></B><br>
        <B><FONT size=2 face="serif">
        (RAA)</FONT></B>
      </center></TD>
	<TD width="2%" valign="bottom">
	  <center>
    </center></TD>
	<TD colspan="3" align=left valign="bottom">
      <center>
        <B><FONT size=2 face="serif">California<br>
  Municipal<br>
  Income Trust</FONT></B><br>

        <B><FONT size=2 face="serif">(BFZ)</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Investments at value</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">409,733,965</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">990,701,292</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">18,688,665</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">348,882,798</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Cash</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">549,551</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">506,736</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">3,176,254</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">300,774</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Receivable from investments sold</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">2,557,862</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">10,199,372</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Interest receivable</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">6,807,786</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">16,871,254</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">291,442</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">5,902,545</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Other assets</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">99,613</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">124,959</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">17,613</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">43,563</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">419,748,777</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,018,403,613</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">22,173,974</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">355,129,680</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<B><FONT size=2 face="serif">Liabilities</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Payable to custodian</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Payable for investments purchased</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">8,722,273</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">16,539,408</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Variation margin payable</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">253,875</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">912,375</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">1,125</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">338,250</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Dividends payable &#151; common shares</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,272,897</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">3,536,108</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">71,101</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">1,140,007</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Investment advisory fee payable</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">120,851</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">294,230</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">7,339</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">104,145</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Administration fee payable</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">51,793</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">2,944</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Deferred Directors&#146; or Trustees&#146; fees</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">66,715</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">82,509</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">12,660</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">28,701</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Other accrued expenses</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">151,793</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">186,603</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">48,962</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">181,758</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">10,640,197</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">21,551,233</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">144,131</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">1,792,861</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<B><FONT size=2 face="serif">Preferred Shares at Redemption Value</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">$25,000 liquidation value per share,</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">including dividends payable</FONT><SUP><FONT size=2 face="serif">2,3</FONT></SUP>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">146,633,612</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">375,204,239</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">7,501,275</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">131,966,087</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<B><FONT size=2 face="serif">Net Assets Applicable to</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>&nbsp; &nbsp;<B><FONT size=2 face="serif">Common Shareholders</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left> <FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">262,474,968</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 <FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">621,648,141</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left> <FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">14,528,568</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left> <FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">221,370,732</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Composition of Net Assets Applicable to</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common Shareholders:</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Par value</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 <FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">167,071</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">43,529</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left><FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">10,071</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">14,986</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Paid-in capital in excess of par</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">231,766,743</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">618,575,595</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">13,411,135</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">212,626,998</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Undistributed net investment income</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">12,876,540</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">20,211,294</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">373,382</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">6,189,963</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated net realized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">(11,416,125</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">(48,158,153</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">(123,608</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">(7,848,714</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net unrealized appreciation</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">29,080,739</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">30,975,876</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">857,588</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">10,387,499</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Net assets applicable to common shareholders,</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">October 31, 2004</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left> <FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">262,474,968</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left> <FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">621,648,141</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left> <FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">14,528,568</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">&nbsp;$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">221,370,732</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<FONT size=2 face="serif">Net asset value per common share</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">$15.71</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">$14.26</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">$14.43</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">$14.77</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD colspan=15><HR noshade size=2>
  </TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">Investments at cost</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">379,278,575</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">954,784,471</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">17,825,016</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">336,663,830</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<SUP><FONT size=2 face="serif">2</FONT></SUP><FONT size=2 face="serif">Preferred shares outstanding</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">5,862</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">15,005</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">300</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">5,278</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">Par value per share</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">0.01</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">0.001</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">0.01</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">0.001</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" align=left>
<SUP><FONT size=2 face="serif">4</FONT></SUP><FONT size=2 face="serif">Common shares outstanding</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">16,707,093</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">43,588,385</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">1,007,093</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="9%" align=right>
<FONT size=2 face="serif">14,985,501</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">34</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Florida
        </FONT></B>&nbsp;
      </center>
      <center>
        <B><FONT size=2 face="serif">Investment Quality</FONT></B>&nbsp;
      </center>
      <center>
        <B><FONT size=2 face="serif">Municipal Trust</FONT></B>&nbsp;
      </center>
      <center>
        <B><FONT size=2 face="serif">(RFA)</FONT></B>
      </center></TD>
	<TD width="2%"><center>
    </center>	  <center>
      </center>    <center>
    </center>      <center>
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Florida</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">Income Trust</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">(BBF)</FONT></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center>
	  <center>
      </center>
	  <center>
      </center>
	  <center>
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">New Jersey</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">Investment Quality</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">Municipal Trust</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">(RNJ)</FONT></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center>
	  <center>
      </center>
	  <center>
      </center>
	  <center>
      </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">New Jersey</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">Income Trust</FONT></B>
      </center>
      <center>
        <B><FONT size=2 face="serif">(BNJ)</FONT></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center>
	  <center>
      </center>
	  <center>
      </center>
	  <center>
      </center></TD>
	<TD colspan="3" align=left>

	  <center>
    </center>
      <center>
        <B><FONT size=2 face="serif">New York</FONT></B>&nbsp;
      </center>
	  <center>
      </center>

	  <center>
      </center>	  <center>
        <B><FONT size=2 face="serif">Investment Quality</FONT></B>&nbsp;
	      </center>	  <center>
      </center>

      <center>
      </center>      <center>
        <B><FONT size=2 face="serif">Municipal Trust</FONT></B>&nbsp;
	      </center>      <center>
          </center>

      <center>
      </center>      <center>
        <B><FONT size=2 face="serif">(RNY)</FONT></B>&nbsp;
	      </center>      <center>
          </center></TD>
	<TD width="2%"><center>
    </center>	  <center>
      </center>    <center>
    </center>      <center>
      </center></TD>
	<TD colspan="3" align=left>

	  <center>
    </center>
      <center>
        <B><FONT size=2 face="serif">New York</FONT></B>
      </center>

	  <center>
      </center>

	  <center>
      </center>	  <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B>
	      </center>
	  <center>
      </center>

	  <center>
      </center>	  <center>
        <B><FONT size=2 face="serif">Income Trust</FONT></B>
	      </center>
	  <center>
      </center>

	  <center>
      </center>	  <center>
        <B><FONT size=2 face="serif">(BNY)</FONT></B>
	      </center>
	  <center>
      </center></TD>
  </TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">21,169,968</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">157,595,260</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">20,641,499</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">174,950,099</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">28,161,210</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">301,775,095</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,094,221</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,514,161</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">455,073</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,404,022</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">549,213</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">80,000</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">250,000</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,991,000</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">301,595</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,450,390</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">354,854</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,021,651</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">481,444</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,239,310</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">17,774</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,822</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18,207</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">19,808</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">17,878</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">37,679</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">25,583,558</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">160,142,472</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">22,528,721</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">178,696,631</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">31,064,554</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">310,592,297</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">269,969</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,033,220</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,129,830</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,500</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">128,625</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,125</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">156,375</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,875</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">225,000</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">79,777</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">500,968</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">67,624</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">556,910</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">95,581</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">943,357</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,538</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">47,076</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,629</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">52,448</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,836</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">88,919</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,419</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,997</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,900</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12,667</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,085</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13,232</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12,341</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12,586</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">24,992</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">48,345</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">114,356</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">35,983</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">91,211</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">40,231</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">134,545</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
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</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">153,246</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,071,079</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">127,590</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">869,285</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,196,229</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,546,643</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,501,222</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">57,559,455</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,501,592</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">63,807,919</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,802,818</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">109,771,939</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,929,090</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">101,511,938</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14,899,539</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">114,019,427</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">20,065,507</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">191,273,715</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,271</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,646</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,071</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,415</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13,071</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">12,521</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">15,001,008</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">94,259,825</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13,165,936</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">105,166,744</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">17,655,407</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">177,620,593</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">489,204</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,393,507</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">600,862</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,228,123</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">584,462</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,820,612</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">146,423</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(718,244</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(51,349</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,508,841</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,923</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(3,853,549</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,281,184</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,570,204</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,174,019</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,125,986</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,805,644</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12,673,538</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,929,090</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">101,511,938</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14,899,539</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">114,019,427</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">20,065,507</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">191,273,715</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">$15.02</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">$15.27</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">$14.79</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">$15.38</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">$15.35</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">$15.28</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23><HR noshade size=2>

	</TD>
</TR>
<TR>
  <TD colspan=23>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">19,880,377</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">151,328,586</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">19,461,417</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">166,977,210</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">26,345,131</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>
 &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">287,883,117</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">340</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,302</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">300</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,552</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">392</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,390</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.01</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.001</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.01</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.001</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.01</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.001</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,127,093</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,646,343</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,007,093</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,414,793</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,307,093</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12,521,494</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">35</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">STATEMENTS OF OPERATIONS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">For the year ended October 31, 2004</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Investment Quality</FONT></B><br>
        <B><FONT size=2 face="serif">Municipal Trust<br>
        </FONT></B>
        <B><SUP><FONT face="serif">(BKN)</FONT></SUP></B>
	  </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B><br>
        <B><FONT size=2 face="serif">Income Trust</FONT></B><br>
        <B><SUP><FONT face="serif">(BFK)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">California</FONT></B><br>
        <B><FONT size=2 face="serif">Investment Quality<br>
        </FONT></B><B><FONT size=2 face="serif">Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(RAA)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">California<br>
        </FONT></B><B><FONT size=2 face="serif">Municipal<br>
        </FONT></B><B><FONT size=2 face="serif">Income Trust</FONT></B><br>
        <B><SUP><FONT face="serif">(BFZ)</FONT></SUP></B>
      </center></TD>
  </TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Investment Income</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Interest income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">22,489,392</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">57,267,655</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,124,018</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">19,101,862</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Expenses</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Investment advisory</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,421,068</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,959,207</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">77,184</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,089,127</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Administration</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">609,029</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">22,053</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Transfer agent</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18,666</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">17,550</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,614</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,104</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Custodian</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">94,500</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">141,226</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,463</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">79,332</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Reports to shareholders</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">57,056</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">130,039</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,320</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">41,514</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Directors/Trustees</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">36,724</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">79,788</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">12,544</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">30,744</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Registration</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">24,563</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">33,957</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">807</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">31,586</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Independent accountants</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">44,593</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">43,548</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">14,379</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">39,490</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Legal</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">39,146</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">80,434</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,013</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">29,355</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Insurance</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">29,231</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">69,814</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,576</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">25,189</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Auction agent</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">393,188</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">971,490</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">22,852</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">344,642</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Miscellaneous</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">45,621</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">85,317</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">17,593</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">42,982</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Total expenses</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,813,385</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,612,370</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">203,398</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,770,065</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Less fees waived by Advisor</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(2,483,003</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(870,470</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Less fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(4,866</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(5,278</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(6,545</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(8,793</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net expenses</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,808,519</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,124,089</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">196,853</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,890,802</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">19,680,873</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">52,143,566</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">927,165</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">17,211,060</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Realized and Unrealized Gain (Loss)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain (loss) on:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,261,304</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(4,948,562</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(141,621</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(3,129,812</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Futures</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,442,776</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(5,901,089</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(14,974</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(2,195,962</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(2,704,080</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(10,849,651</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(156,595</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(5,325,774</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net change in unrealized appreciation/depreciation on:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,225,892</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">27,124,522</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">54,326</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,876,090</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Futures</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,374,651</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(4,940,945</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(6,061</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,831,469</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,851,241</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">22,183,577</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">48,265</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">15,044,621</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net change in transactions related to investment</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">violation</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Realized and unrealized losses</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(18,421</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Reimbursements from Advisor</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18,421</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Realized and unrealized gains</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">167,280</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,779</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">167,280</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,779</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,314,441</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,333,926</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(97,551</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,718,847</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Dividends and Distributions to</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Preferred Shareholders from:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,560,276</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(3,870,243</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(61,122</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,276,088</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(3,726</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,560,276</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(3,870,243</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(64,848</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1,276,088</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">Net Increase in Net Assets Applicable</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">to Common Shareholders Resulting</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">from Operations</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">22,435,038</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">59,607,249</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">764,766</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">25,653,819</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">36</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Florida</FONT></B><br>
        <B><FONT size=2 face="serif">Investment Quality<br>
        </FONT></B><B><FONT size=2 face="serif">Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(RFA)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">Florida<br>
        </FONT></B><B><FONT size=2 face="serif">Municipal<br>
        </FONT></B><B><FONT size=2 face="serif">Income Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(BBF)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">New Jersey</FONT></B><br>
        <B><FONT size=2 face="serif">Investment Quality<br>
        </FONT></B><B><FONT size=2 face="serif">Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(RNJ)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">New Jersey<br>
        </FONT></B><B><FONT size=2 face="serif">Municipal<br>
        </FONT></B><B><FONT size=2 face="serif">Income Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(BNJ)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">New York<br>
        </FONT></B><B><FONT size=2 face="serif">Investment Quality</FONT></B><br>
        <B><FONT size=2 face="serif">Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(RNY)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">New York</FONT></B><br>
        <B><FONT size=2 face="serif">Municipal<br>
        </FONT></B><B><FONT size=2 face="serif">Income Trust</FONT></B><br>
        <B><SUP><FONT face="serif">(BNY)</FONT></SUP></B>
      </center></TD>
  </TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,320,020</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">8,411,655</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,173,494</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">9,624,433</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,501,865</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">16,009,531</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">89,371</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">945,314</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">78,659</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,050,378</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">104,366</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,789,357</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">25,535</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">22,475</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">29,819</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">11,346</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">16,104</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">11,346</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">15,309</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">11,346</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">16,104</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">10,111</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">53,458</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">9,870</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">53,428</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">12,050</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">68,609</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">7,320</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">22,906</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">7,320</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">26,572</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">7,320</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">40,663</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">12,544</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">14,274</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">12,544</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">15,738</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">12,544</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">26,718</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">857</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">22,560</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">807</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">22,560</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">930</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">31,586</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">14,379</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">37,241</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">14,379</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">37,823</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">14,379</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">39,973</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">6,013</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">19,146</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">6,013</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">19,205</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">6,013</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">29,432</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,825</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">13,989</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,627</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">12,719</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">2,134</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">21,619</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">25,096</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">151,455</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">22,823</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">167,090</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">28,595</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">288,982</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">17,991</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">27,984</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">17,879</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">28,793</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">18,025</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">38,946</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">222,388</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,324,431</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">205,742</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,449,615</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">247,521</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">2,391,989</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(393,881</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(437,658</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(745,565</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(5,393</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(4,780</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(5,052</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(4,384</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(4,832</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(4,569</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">216,995</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">925,770</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">200,690</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,007,573</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">242,689</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,641,855</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,103,025</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">7,485,885</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">972,804</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">8,616,860</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,259,176</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">14,367,676</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">165,971</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">329,153</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">173,985</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">174,559</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">95,047</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">200,520</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(19,623</FONT>
	</TD>
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<FONT size=2 face="serif">159,011</FONT>
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<FONT size=2 face="serif">6,199,284</FONT>
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<FONT size=2 face="serif">5,687,713</FONT>
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<FONT size=2 face="serif">86,481</FONT>
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<FONT size=2 face="serif">3,690</FONT>
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<TR valign="bottom">
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<FONT size=2 face="serif">46,656</FONT>
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	<TD width=11% align=right>
<FONT size=2 face="serif">4,284</FONT>
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<TR valign="bottom">
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<FONT size=2 face="serif">46,656</FONT>
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	<TD width=2% align=left>

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	<TD width=11% align=right>
<FONT size=2 face="serif">4,284</FONT>
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	<TD width=2% align=left>

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<TR valign="bottom">
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	<TD width=11% align=right>
<FONT size=2 face="serif">(204,924</FONT>
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<FONT size=2 face="serif">)</FONT>&nbsp;
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	<TD width=2%>&nbsp;
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	<TD width=11% align=right>
<FONT size=2 face="serif">2,997,215</FONT>
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	<TD width=11% align=right>
<FONT size=2 face="serif">(198,051</FONT>
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<FONT size=2 face="serif">)</FONT>&nbsp;
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	<TD width=2%>&nbsp;
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	<TD width=2% align=left>

	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">4,537,160</FONT>
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	<TD width=2% align=left>

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	<TD width=11% align=right>
<FONT size=2 face="serif">(7,380</FONT>
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	<TD width=11% align=right>
<FONT size=2 face="serif">4,410,141</FONT>
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<TR valign="bottom">
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	<TD width=11% align=right>
<FONT size=2 face="serif">(78,189</FONT>
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	<TD width=11% align=right>
<FONT size=2 face="serif">(548,629</FONT>
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	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(70,911</FONT>
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	<TD width=11% align=right>
<FONT size=2 face="serif">(623,629</FONT>
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<FONT size=2 face="serif">(92,575</FONT>
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	<TD width=11% align=right>
<FONT size=2 face="serif">(1,058,252</FONT>
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	<TD width=11% align=right>
<FONT size=2 face="serif">(24,220</FONT>
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	<TD width=11% align=right>
<FONT size=2 face="serif">(102,409</FONT>
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	<TD width=11% align=right>
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	</TD>
	<TD width=11% align=right>
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	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">(1,058,252</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">795,692</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">9,934,471</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">703,842</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">12,530,391</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">1,159,221</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=11% align=right>
<FONT size=2 face="serif">17,719,565</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=2>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">37</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">STATEMENTS OF CHANGES IN NET ASSETS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">For the years ended October 31, 2004 and 2003</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=36% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">Investment</FONT></B><br>
        <B><FONT size=2 face="serif">Quality Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(BKN)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center>
	  <center>
      </center>
	  <center>
      </center></TD>
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">Municipal</FONT></B><br>
        <B><FONT size=2 face="serif">Income Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(BFK)</FONT></SUP></B>
      </center></TD>
  </TR>
<TR valign="bottom">
  <TD width="36%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD colspan="7" align=left><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD colspan="7" align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>

	  <center>
    </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<B><FONT size=2 face="serif">Increase (Decrease) in Net Assets</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Applicable to Common Shareholders</FONT></B>&nbsp;
      </div></TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<B><FONT size=2 face="serif">Operations:</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">19,680,873</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">19,425,882</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">52,143,566</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">53,252,034</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(2,704,080</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(3,112,753</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(10,849,651</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(21,756,169</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net change in unrealized appreciation/depreciation</FONT>&nbsp;
      </div></TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">6,851,241</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">1,574,886</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">22,183,577</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">37,007,594</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net change in transactions related to investment</FONT>&nbsp;
      </div></TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">violation</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">167,280</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">shareholders from:</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(1,560,276</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(1,501,763</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(3,870,243</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(3,836,525</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<FONT size=2 face="serif">Net increase in net assets resulting from operations</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">22,435,038</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">16,386,252</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">59,607,249</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">64,666,934</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<B><FONT size=2 face="serif">Dividends and Distributions to Common</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Shareholders from:</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(15,274,761</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(14,781,077</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(42,421,794</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(41,326,371</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(15,274,761</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(14,781,077</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(42,421,794</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">(41,326,371</FONT>
	</TD>
	<TD width="4%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<B><FONT size=2 face="serif">Capital Share Transactions:</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Reinvestment of common dividends</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">519,196</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">922,048</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<FONT size=2 face="serif">Net proceeds from capital share transactions</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">519,196</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">922,048</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<FONT size=2 face="serif">Total increase (decrease)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">7,160,277</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">1,605,175</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">17,704,651</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">24,262,611</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<B><FONT size=2 face="serif">Net Assets Applicable to</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Common Shareholders</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=left>

	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<FONT size=2 face="serif">Beginning of year</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">255,314,691</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">253,709,516</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">603,943,490</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">579,680,879</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<FONT size=2 face="serif">End of year</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">262,474,968</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">255,314,691</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">621,648,141</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">603,943,490</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="36%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" align=left>
<FONT size=2 face="serif">End of year undistributed net investment income</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">12,876,540</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">10,109,122</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">20,211,294</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">14,382,973</FONT>
	</TD>
	<TD width="4%" align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD width="36%">&nbsp;</TD>
  <TD width="2%"></TD>
  <TD colspan=15></TD>
</TR>
<TR>
	<TD width="36%">
<HR align="left" width="140" size=1 noshade>
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=17 align=left>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.</FONT>
	</TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">See Notes to Financial Statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">38</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">California Investment<br>
        </FONT></B><B><FONT size=2 face="serif">Quality Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(RAA)</FONT></SUP></B>&nbsp;
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">California</FONT></B><br>
        <B><FONT size=2 face="serif">Municipal Income Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(BFZ)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">Florida Investment</FONT></B><br>
        <B><FONT size=2 face="serif">Quality Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(RFA)</FONT></SUP></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan=23>
<HR align="center" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">927,165</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,057,654</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">17,211,060</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">16,928,458</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,103,025</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,175,275</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(156,595</FONT>
	</TD>
	<TD width=4% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">51,040</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(5,325,774</FONT>
	</TD>
	<TD width=4% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(124,407</FONT>
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	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">146,348</FONT>
	</TD>
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	<TD width=2% align=left>&nbsp;

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<FONT size=2 face="serif">248,044</FONT>
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	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
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<FONT size=2 face="serif">48,265</FONT>
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<FONT size=2 face="serif">(455,653</FONT>
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<FONT size=2 face="serif">15,044,621</FONT>
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<FONT size=2 face="serif">(687,041</FONT>
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<TR>
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<TR valign="bottom">
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<FONT size=2 face="serif">10,779</FONT>
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<FONT size=2 face="serif">46,656</FONT>
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<TR valign="bottom">
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<FONT size=2 face="serif">764,766</FONT>
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<FONT size=2 face="serif">588,838</FONT>
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<FONT size=2 face="serif">25,653,819</FONT>
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<FONT size=2 face="serif">10,583,289</FONT>
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<FONT size=2 face="serif">795,692</FONT>
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<FONT size=2 face="serif">647,517</FONT>
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</TR>
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<TR valign="bottom">
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<FONT size=2 face="serif">(853,209</FONT>
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<FONT size=2 face="serif">(13,401,474</FONT>
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<FONT size=2 face="serif">(939,337</FONT>
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<FONT size=2 face="serif">(13,680,084</FONT>
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<FONT size=2 face="serif">(13,401,474</FONT>
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<FONT size=2 face="serif">(1,213,622</FONT>
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<FONT size=2 face="serif">(939,337</FONT>
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</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
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<TR valign="bottom">
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	<TD width=9% align=right>
<FONT size=2 face="serif">(136,884</FONT>
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<FONT size=2 face="serif">)</FONT>&nbsp;
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	<TD width=9% align=right>
<FONT size=2 face="serif">(246,003</FONT>
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<FONT size=2 face="serif">)</FONT>&nbsp;
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	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">11,973,735</FONT>
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	<TD width=4% align=left>&nbsp;

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	<TD width=2% align=left>

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<FONT size=2 face="serif">(2,818,185</FONT>
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	<TD width=4% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
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	<TD width=2%>&nbsp;
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	<TD width=2% align=left>&nbsp;

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	<TD width=9% align=right>
<FONT size=2 face="serif">(417,930</FONT>
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<FONT size=2 face="serif">)</FONT>&nbsp;
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	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(291,820</FONT>
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	<TD width=4% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
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</TR>
<TR>
	<TD colspan=23>
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<TR>
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</TR>
<TR>
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	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,665,452</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
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	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,911,455</FONT>
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	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
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	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">209,396,997</FONT>
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	<TD width=4% align=left>&nbsp;

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	<TD width=2%>&nbsp;
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	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">212,215,182</FONT>
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	<TD width=4% align=left>&nbsp;

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	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">17,347,020</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
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	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">17,638,840</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
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<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,528,568</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,665,452</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">221,370,732</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">209,396,997</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">16,929,090</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">17,347,020</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">373,382</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">393,562</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">6,189,963</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">3,935,119</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">489,204</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">421,748</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">39</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">STATEMENTS OF CHANGES IN NET ASSETS (continued)</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">For the years ended October 31, 2004 and 2003</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=44% align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">Florida</FONT></B><br>
        <B><FONT size=2 face="serif">Municipal Income Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(BBF)</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">New Jersey Investment<br>
        </FONT></B><B><FONT size=2 face="serif">Quality Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(RNJ)</FONT></SUP></B>
      </center></TD>
  </TR>
<TR valign="bottom">
  <TD width=44% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="7" align=left><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="7" align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD width="44%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<B><FONT size=2 face="serif">Increase (Decrease) in Net Assets</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=center>
      <div align="left"><B>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Applicable to Common Shareholders</FONT></B>&nbsp;
      </div></TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<B><FONT size=2 face="serif">Operations:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">7,485,885</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">7,355,264</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">972,804</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,006,244</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(508,174</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">630,302</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">159,011</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">6,919</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net change in unrealized appreciation/depreciation</FONT>&nbsp;
      </div></TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">3,505,389</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(777,309</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(357,062</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">109,486</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net change in transactions related to investment</FONT>&nbsp;
      </div></TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">violation</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(548,629</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(521,291</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(70,911</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(61,319</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="44%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<FONT size=2 face="serif">Net increase in net assets resulting from operations</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">9,934,471</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">6,686,966</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">703,842</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,061,330</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="44%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<B><FONT size=2 face="serif">Dividends to Common Shareholders from:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(6,011,618</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(5,914,155</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(811,491</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(801,290</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="44%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<FONT size=2 face="serif">Total increase (decrease)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">3,922,853</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">772,811</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">(107,649</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">260,040</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="44%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<B><FONT size=2 face="serif">Net Assets Applicable to</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">Common Shareholders:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<FONT size=2 face="serif">Beginning of year</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">97,589,085</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">96,816,274</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">15,007,188</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">14,747,148</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="44%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<FONT size=2 face="serif">End of year</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">101,511,938</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">97,589,085</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">14,899,539</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">15,007,188</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="44%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=44% align=left>
<FONT size=2 face="serif">End of year undistributed net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">2,393,507</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,467,876</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">600,862</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">550,518</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=17>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=17 align=left>
<SUP><FONT size=1 face="serif">1 </FONT></SUP><FONT size=1 face="serif">Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.</FONT>
	</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">40</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">New Jersey<br>
        </FONT></B><B><FONT size=2 face="serif">Municipal Income Trust</FONT></B><B><SUP><FONT face="serif"><br>
        (BNJ)</FONT></SUP></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">New York Investment</FONT></B><br>
        <B><FONT size=2 face="serif">Quality Municipal Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(RNY)</FONT></SUP></B>&nbsp;
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="7" align=left>
      <center>
        <B><FONT size=2 face="serif">New York</FONT></B><B><FONT size=2 face="serif"><br>
        Municipal Income Trust<br>
        </FONT></B><B><SUP><FONT face="serif">(BNY)</FONT></SUP></B>
      </center></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="7" align=left><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="7" align=left><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="7" align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">8,616,860</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">8,465,666</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,259,176</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,346,704</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,367,676</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,192,727</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(815,221</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(29,376</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">70,439</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">357,056</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(1,277,572</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(486,109</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">5,352,381</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">895,164</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(82,103</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(636,582</FONT>
	</TD>
	<TD width=4% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">5,687,713</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">2,196,536</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">4,284</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(623,629</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(616,370</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(92,575</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(88,859</FONT>
	</TD>
	<TD width=4% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(1,058,252</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(1,130,137</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">12,530,391</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">8,715,084</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,159,221</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">978,319</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">17,719,565</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,773,017</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(6,682,923</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(6,528,221</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(1,146,975</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(1,146,823</FONT>
	</TD>
	<TD width=4% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(11,320,282</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(11,098,501</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">5,847,468</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">2,186,863</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">12,246</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">(168,504</FONT>
	</TD>
	<TD width=4% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">6,399,283</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">3,674,516</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">108,171,959</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">105,985,096</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">20,053,261</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">20,221,765</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">184,874,432</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">181,199,916</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">114,019,427</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">108,171,959</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">20,065,507</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">20,053,261</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">191,273,715</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">184,874,432</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=23>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">3,228,123</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,917,815</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">584,462</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">569,685</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">4,820,612</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">2,832,034</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">41</FONT></P>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B>&nbsp;
<hr noshade align="center" width="100%" size=4>	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="45%" align=left>

	  <center>
    </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="19" align=left>
      <center>
        <B><FONT size=1
 face="serif">Year Ended October 31,</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	  <center>
    </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan=19>
<HR align="center" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>

	  <center>
    </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2004</FONT></SUP></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2003</FONT></SUP></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2002</FONT></SUP></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2001</FONT></SUP></B>
      </center></TD>
	<TD width="2%">
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2000</FONT></SUP></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
      <HR noshade size=1>
	</TD>
  </TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Net asset value, beginning of year</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">15.28</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">15.19</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">15.19</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">14.30</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">13.95</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.17</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.16</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.20</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.20</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.13</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.26</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.26</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.75</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.43</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.13</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.29</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.35</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.34</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.98</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.81</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.66</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.21</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.91</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.89</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.81</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.78</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.83</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Capital changes with respect to issuance of:</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.01</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(0.03</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Net asset value, end of year</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">15.71</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">15.28</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">15.19</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">15.19</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">14.30</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Market price, end of year</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">15.12</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">14.26</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">13.48</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">13.73</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">12.13</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">12.91</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">12.67</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">4.14</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">20.03</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">(1.27</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.08</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.10</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.09</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.14</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.20</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.08</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.10</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.09</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.14</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.20</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.08</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.10</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.09</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.14</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.20</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Net investment income after fees waived and paid</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">indirectly and before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">7.59</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">7.62</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">7.93</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">8.10</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">8.18</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.60</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.59</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">0.83</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">1.94</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">2.53</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">6.99</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">7.03</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">7.10</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">6.16</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">5.65</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=left>

	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">259,470</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">254,890</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">251,428</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">247,832</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">230,746</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">52</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">36</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>

	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">35</FONT>
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">262,475</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">255,315</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">253,710</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">253,777</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">238,849</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">146,550</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">146,550</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">146,550</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">146,550</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">146,550</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="45%" align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of year</FONT>&nbsp;
	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">69,790</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">68,561</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">68,292</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">68,308</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
	<TD width="2%">&nbsp;
	</TD>
	<TD width="2%" align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width="5%" align=right>
<FONT size=2 face="serif">65,745</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade></TD>
  </TR>
<TR valign="top">
	<TD width="29" nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
	<TD width="1058">
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a
guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT></center>
<P align="center">
<FONT size=2 face="serif">42</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT size=2 face="serif">BlackRock Municipal Income Trust (BFK)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=52% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD colspan="4" rowspan="4">
	  <center>
    </center>
	  <center>
      </center>
      <center>
        <B><FONT size=2 face="serif">For the period<br>
        </FONT></B><B><FONT size=2 face="serif">July 27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B><br>
        <B><FONT size=2 face="serif">through<br>
        </FONT></B><B><FONT size=2 face="serif">October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
    </center></TD>
  </TR>
<TR valign="bottom">
	<TD width=52% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD colspan="11" align=left>
      <center>
        <B><FONT size=2 face="serif">Year Ended October 31,</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
  </TR>
<TR valign="bottom">
	<TD width=52% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">13.87</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.33</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.30</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp;
 <div align="left"><FONT size=2 face="serif">$</FONT>&nbsp;
    </div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.33</FONT></div></TD>
	<TD width=3% align=left><FONT size=2 face="serif"></FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>

	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">1.19</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.23</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">1.20</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.17</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.26</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.35</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(1.11</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.12</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.09</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.13</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.01</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net increase (decrease) from investment operations</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">1.36</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.49</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.04</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.28</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.97</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.95</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.93</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.16</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">In excess of net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>&#151;

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.01</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.97</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.95</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.93</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.17</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>&#151;

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.03</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right">&#151;</div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.11</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>&#151;

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(0.14</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.26</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.87</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">13.33</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp;
 <div align="left"><FONT size=2 face="serif">$</FONT>&nbsp;
    </div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.30</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.05</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.70</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">13.46</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp;
 <div align="left"><FONT size=2 face="serif">$</FONT>&nbsp;
    </div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.75</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">10.01</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(2.40</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">(1.13</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.83</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.84</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.81</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.61</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.83</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.84</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.83</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.62</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">1.23</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.25</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">1.23</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.91</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">8.44</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8.96</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">8.74</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">4.59</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.63</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.65</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.92</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.38</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">7.81</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">7.82</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">4.21</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="left"></div></TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">618,076</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">594,192</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">598,425</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD align=right>
    <FONT size=2 face="serif">$</FONT>      </TD>
	<TD align=right><FONT size=2 face="serif">572,610</FONT></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">59</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">56</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left><div align="right"><FONT size=2 face="serif">70
    </font>	  </div>
    <div align="right"></div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">27</FONT>
    </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">621,648</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">603,943</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">579,681</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD align=right>
      <FONT size=2 face="serif">$</FONT>    </TD>
	<TD align=right><FONT size=2 face="serif">619,249</FONT></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">375,125</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">375,125</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">375,125</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD align=right>
    <div align="right"><FONT size=2 face="serif">$</FONT></div></TD>
	<TD align=right><FONT size=2 face="serif">375,125</FONT> </TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width=52% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">66,435</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">65,251</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">63,636</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

      <div align="right"><FONT size=2 face="serif">$</FONT>
      </div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">66,275</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<br>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade></TD>
  </TR>
<TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for
less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Annualized.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><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></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT></center>
<P align="center">
<FONT size=2 face="serif">43</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT size=2 face="serif">BlackRock California Investment Quality Municipal Trust (RAA)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=45% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="19" align=left>
      <center>
        <B><FONT size=1 face="serif">Year Ended October 31,</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR align="center" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2004</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2003</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2002</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2001</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2000</FONT></SUP></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net asset value, beginning of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.56</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.81</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.30</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.62</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.34</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.92</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.05</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.04</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.05</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.06</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.41</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.64</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.63</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.29</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from net</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.06</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.06</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.25</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.77</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.58</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.31</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.47</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.10</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.85</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.83</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.80</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.79</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.82</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.05</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.90</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.83</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.80</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.79</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.82</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net asset value, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.43</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.56</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.81</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.30</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.62</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Market price, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.30</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.03</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.38</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.55</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.00</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8.78</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">11.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(9.26</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(4.33</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.35</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.40</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.29</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.41</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.40</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.40</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.29</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.41</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.40</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.40</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.29</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.41</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net investment income after fees waived and paid</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">indirectly and before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.37</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.17</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.86</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.04</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.36</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.42</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.44</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.59</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.39</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.75</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.95</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.73</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.27</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.65</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.61</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,553</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,752</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15,221</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15,072</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,450</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">30</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left><FONT size=2 face="serif">%</FONT>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,529</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,665</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,911</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15,411</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,725</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">73,433</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">73,886</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">74,706</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">76,377</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">74,097</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a
guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2 valign="top">&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></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">44</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">BlackRock California Municipal Income Trust (BFZ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=52% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
    <TD width=3% align=left>&nbsp;</TD>
    <TD colspan="4" rowspan="4" align=left>
      <center>
        <B><FONT size=2 face="serif">For the period<br>
        </FONT></B><B><FONT size=2 face="serif">July 27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B><br>
        <B><FONT size=2 face="serif">through<br>
    </FONT></B><B><FONT size=2 face="serif">October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>	    </center></TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD colspan="11" align=left>
      <center>
        <B><FONT size=2 face="serif">Year Ended October 31,</FONT></B>&nbsp;
    </center></TD>
  </TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=11>
<HR align="center" size=1 noshade>
	</TD>
  </TR>
<TR valign="bottom">
	<TD width=52% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=right>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=right>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>&nbsp;
    </center></TD>
    <TD width=3% align=left>&nbsp;</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
  </TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.97</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.16</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.50</FONT>
      </div></TD>
	<TD width=3% align=right>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14.33 </FONT></TD>
	<TD width=3% align=left><SUP><FONT size=2 face="serif">3</FONT></SUP>

	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.15</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.12</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">1.11</FONT>
      </div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.16</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.65</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.34</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.46</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.32</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.12</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.01</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.71</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.70</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.53</FONT>
      </div></TD>
	<TD width=3% align=right>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.47</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.91</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.87</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.15</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">In excess of net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.01</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.91</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.87</FONT>
      </div></TD>
	<TD width=3% align=left><FONT size=2 face="serif">)</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.16</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=right>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=right>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.11</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=right>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.14</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD width=52% align=left>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.77</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.97</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.16</FONT>
      </div></TD>
	<TD width=3% align=right>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14.50</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD width=52% align=left>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.65</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.21</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">13.09</FONT>
      </div></TD>
	<TD width=3% align=right>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>
 <FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14.75</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">10.58</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.92</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(5.49</FONT>
      </div></TD>
	<TD width=3% align=left><FONT size=2 face="serif">)%</FONT>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(1.17</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="52%">
	</TD>
	<TD width="2%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.87</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.88</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.72</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.88</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.90</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.73</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.28</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.30</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">1.31</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1.02</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.96</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8.01</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">7.96</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4.06</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.59</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.57</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.86</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.37</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.44</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">7.10</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3.68</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">216,238</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">211,275</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left><div align="right"><FONT size=2 face="serif">$</FONT> </div></TD>
    <TD width=5% align=right><div align="right"><FONT size=2 face="serif">209,965</FONT> </div></TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">199,356</FONT> </TD>
    <TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">34</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">44</FONT>
      </div></TD>
	<TD width="3%" align=left><FONT size=2 face="serif">%</FONT>&nbsp; </TD>
	<TD width=2% align=left>

	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">221,371</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">209,397</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right><FONT size=2 face="serif">$</FONT></TD>
	<TD width=5% align=right><div align="right"><FONT size=2 face="serif">212,215</FONT> </div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
	<TD align=right><FONT size=2 face="serif">216,829</FONT> </TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">131,950</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">131,950</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right><FONT size=2 face="serif">$</FONT></TD>
	<TD width=5% align=right><div align="right"><FONT size=2 face="serif">131,950</FONT> </div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
	<TD align=right><FONT size=2 face="serif">131,950</FONT> </TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=52% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">66,945</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">64,675</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left><div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">65,211</FONT>
      </div></TD>
	<TD width="3%" align=left>&nbsp;</TD>
	<TD width=2% align=left></TD>
	<TD width=2% align=left><div align="right"><FONT size=2 face="serif">$</FONT> </div></TD>
	<TD align=left>&nbsp; &nbsp; &nbsp;&nbsp; <div align="right"><FONT size=2 face="serif">66,086</FONT> </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade></TD>
  </TR>
<TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for
less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Annualized.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><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></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">45</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT size=2 face="serif">BlackRock Florida Investment Quality Municipal Trust (RFA)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=45% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="19" align=left>
      <center>
        <B><FONT size=1 face="serif">Year Ended October 31,</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR align="center" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2004</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2003</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2002</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2001</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2000</FONT></SUP></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net asset value, beginning of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.39</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.65</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.50</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.65</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14.29</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.98</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.04</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.05</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.03</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1.07</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.18</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.39</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.02</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.86</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0.40</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends and distributions to preferred shareholders:</FONT>&nbsp;
      </div></TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.07</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.11</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.24</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.02</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.71</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.57</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.96</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.65</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1.16</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.85</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.83</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.81</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.80</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.80</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized gains</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.23</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(1.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.83</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.81</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.80</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(0.80</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net asset value, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.02</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.39</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.65</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.50</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">14.65</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Market price, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.30</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.47</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.50</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.36</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">13.13</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.32</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.52</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.52</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.65</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9.00</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">OF COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses after fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.27</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.29</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.20</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1.22</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.29</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.20</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1.22</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.29</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.20</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1.22</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net investment income after fees paid indirectly and</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.48</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.69</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.76</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.83</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7.48</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.46</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.51</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.69</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.58</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2.18</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.02</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.18</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.07</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.25</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5.30</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17,035</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17,561</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17,427</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17,046</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,167</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=center>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT></div></TD>
	<TD width=3% align=left><FONT size=2 face="serif">%</FONT>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD align=center>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT></div></TD>
	<TD width=3% align=left><FONT size=2 face="serif">%</FONT>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">16,929</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17,347</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17,639</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17,472</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,509</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">74,795</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">76,021</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">76,886</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">76,397</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">73,570</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top>
    <div align="left"></div>
    <hr align="left" width="140" size="1" noshade>
</TD>
  </TR>
<TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a
guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">46</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
      <p><B><FONT size=2 face="serif">BlackRock Florida Municipal Income Trust (BBF)</FONT></B>&nbsp;
      </p></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=56% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>      <center>
    </center></TD>
	<TD width=3% align=left>      <center>
    </center></TD>
	<TD width=1%>      <center>
    </center></TD>
	<TD width=2% align=left>      <center>
    </center></TD>
	<TD width=5% align=left>      <center>
    </center></TD>
	<TD width=3% align=left>      <center>
    </center></TD>
	<TD width=1%>      <center>
    </center></TD>
	<TD width=2% align=left>      <center>
    </center></TD>
	<TD width=5% align=left>      <center>
    </center></TD>
	<TD width=3% align=left>      <center>
    </center></TD>
	<TD width=1%>      <center>
    </center></TD>
    <TD colspan="3" rowspan="4" align=left>      <center>
          <B><FONT size=2 face="serif">For the period</FONT></B><br>
        <B><FONT size=2 face="serif">July 27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B><br>
        <B><FONT size=2 face="serif">through<br>
        </FONT></B><B><FONT size=2 face="serif">October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
    </center></TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="11" align=left>
      <center>
        <B><FONT size=2 face="serif">Year Ended October 31,</FONT></B>
      </center></TD>
	<TD width=1%>&nbsp;
	</TD>
  </TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=11>
<HR align="center" size=1 noshade>
	</TD>
	<TD width="1%">
	</TD>
  </TR>
<TR valign="bottom">
	<TD width=56% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>
      </center></TD>
	<TD width=1%>&nbsp;
	</TD>
  </TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.68</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.57</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.37</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.33</FONT>
	</TD>
	<TD width=3% align=left><FONT size=2 face="serif"></FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.12</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.11</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.07</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.17</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.45</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.13</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.18</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.12</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.01</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.49</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.00</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.08</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.34</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Dividends to common shareholders from</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.90</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.87</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.16</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.01</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.11</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.01</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.14</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD width=56% align=left>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.27</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.68</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.57</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.37</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD width=56% align=left>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.40</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.36</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.65</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.50</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.04</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">4.30</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.16</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(2.84</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.93</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.94</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.96</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.87</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.93</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.95</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.98</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.88</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.32</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.35</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.38</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.17</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.49</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.50</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.59</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">4.43</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.55</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.53</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.82</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.37</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.94</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.97</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.77</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">4.06</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width=56% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">100,002</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">98,081</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">93,558</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">87,918</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">19</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">35</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">28</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width=56% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">101,512</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">97,589</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">96,816</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">95,123</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width=56% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">57,550</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">57,550</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">57,550</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">57,550</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width=56% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">69,101</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">67,394</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">67,060</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">66,323</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade></TD>
  </TR>
<TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for
less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Annualized.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><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></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">47</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">BlackRock New Jersey Investment Quality Municipal Trust (RNJ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=45% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="19" align=left>
      <center>
        <B><FONT size=1 face="serif">Year Ended October 31,</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR align="center" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2004</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2003</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2002</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2001</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2000</FONT></SUP></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net asset value, beginning of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.90</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.64</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.85</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.96</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.52</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.97</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.00</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.02</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.96</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.01</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.20</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.12</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.39</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.87</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.43</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from net</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.07</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.06</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.27</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.70</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.06</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.54</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.62</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.17</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Dividends to common shareholders from net</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.81</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.80</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.75</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.73</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.73</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net asset value, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.79</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.90</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.64</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.85</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.96</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Market price, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.00</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.80</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.30</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.75</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">12.13</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.14</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">17.59</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">2.07</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">19.63</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.34</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.39</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.54</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.32</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.37</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.39</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.54</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.32</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.37</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.39</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.54</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.32</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net investment income after fees waived and paid</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">indirectly and before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.50</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.72</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.93</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.64</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.44</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.47</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.41</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.61</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.47</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.98</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.32</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.17</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.46</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,974</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,975</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,791</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,570</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13,696</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">12</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">4</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">23</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,900</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15,007</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,747</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,958</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,059</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7,500</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">74,670</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">75,026</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">74,159</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">74,862</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">71,879</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade></TD>
  </TR>
<TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a
guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">48</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">BlackRock New Jersey Municipal Income Trust (BNJ)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=56% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
    <TD colspan="4" rowspan="4">
      <center>
        <B><FONT size=2 face="serif">For the period<br>
        </FONT></B><B><FONT size=2 face="serif">July 27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B><br>
        <B><FONT size=2 face="serif">through</FONT></B><br>
    <B><FONT size=2 face="serif">October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>	    </center></TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="11" align=left>
      <center>
        <B><FONT size=2 face="serif">Year Ended October 31,</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=11>
<HR align="center" size=1 noshade>
	</TD>
  </TR>
<TR valign="bottom">
	<TD width=56% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan=3 align=right>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.59</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.29</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.26</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp;
 <div align="right"><FONT size=2 face="serif">$</FONT>&nbsp;
    </div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.33</FONT></TD>
	<TD width=3% align=left><SUP><FONT size=2 face="serif">3</FONT></SUP>

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.16</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.15</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">1.10</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.14</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.61</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.11</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.07</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.10</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.12</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.01</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.69</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.18</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">0.91</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.23</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.90</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.88</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.87</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.13</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">In excess of net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left><div align="right"><FONT size=2 face="serif">&#151;</FONT>

	</div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.90</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.88</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.87</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.16</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left><div align="right"><FONT size=2 face="serif">&#151;</FONT>

	</div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.01</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.11</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.01</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.14</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD width=56% align=left>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.38</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.59</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">14.29</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

 <div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.26</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD width=56% align=left>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.45</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.04</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">13.64</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

 <div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.84</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9.63</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9.59</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(2.25</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.56</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.91</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.93</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.93</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.83</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.91</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.94</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.97</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.84</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.30</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.34</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">1.37</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.12</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.74</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.85</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">7.81</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">3.67</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.56</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.57</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.88</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.37</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.18</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.28</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">6.93</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">3.30</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">111,263</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right><FONT size=2 face="serif">$</FONT></TD>
	<TD width=5% align=right><FONT size=2 face="serif">107,900</FONT> </TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">104,241</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp;
 <div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">97,050</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">16</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left><div align="right"><FONT size=2 face="serif">50</FONT>

	</div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	  <div align="right"></div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">16</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">114,019</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
	<TD width=5% align=right><FONT size=2 face="serif">108,172</FONT> </TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">105,985</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right><div align="right"><FONT size=2 face="serif">$</FONT></div></TD>
	<TD width=5% align=right><FONT size=2 face="serif">105,089</FONT> </TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">63,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
	<TD width=5% align=right><FONT size=2 face="serif">63,800</FONT> </TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">63,800</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp;
 <div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">63,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">69,682</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
	<TD width=5% align=right><FONT size=2 face="serif">67,387</FONT> </TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
      <div align="right"><FONT size=2 face="serif">66,538</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>
 &nbsp; &nbsp; &nbsp;
 <div align="right"><FONT size=2 face="serif">$</FONT>
    </div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">66,187</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade></TD>
  </TR>
<TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="top">
	<TD width="3%" nowrap>
<SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for
less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="3%" valign=top nowrap>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Annualized.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><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></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">49</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="serif">BlackRock New York Investment Quality Municipal Trust (RNY)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=45% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="19" align=left>
      <center>
        <B><FONT size=1
 face="serif">Year Ended October 31,</FONT></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR align="center" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2004</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2003</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2002</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2001</FONT></SUP></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><SUP><FONT size=2 face="serif">2000</FONT></SUP></B>
      </center></TD>
  </TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net asset value, beginning of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.34</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.47</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.28</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.55</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.11</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.96</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.03</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.06</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.06</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.08</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.06</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.70</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.44</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from net</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.07</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.07</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.26</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net increase (decrease) from investment operations</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.89</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.75</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.03</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.55</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.26</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Dividends to common shareholders from net</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.88</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.88</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.84</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.82</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.82</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net asset value, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.35</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.34</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.47</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.28</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.55</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Market price, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.50</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.18</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.40</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.20</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">12.63</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8.81</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">4.69</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.42</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">19.20</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(1.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="45%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=19>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.24</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.17</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.24</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.24</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.17</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Expenses before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.24</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.24</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.17</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.31</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.21</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net investment income after fees waived and</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">paid indirectly and before preferred share dividends</FONT>&nbsp;
      </div></TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.29</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.68</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.97</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.06</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.63</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.46</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.44</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.60</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.40</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.83</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.83</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.24</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.37</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.66</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">5.81</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">20,019</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">20,158</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">19,915</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">19,663</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">18,523</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">23</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">36</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=center>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left><FONT size=2 face="serif">%</FONT>

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">22</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">20,066</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">20,053</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">20,222</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">19,973</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">19,016</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of year (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">9,800</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=45% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of year</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">76,195</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">76,159</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">76,590</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">75,955</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">73,516</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade></TD>
  </TR>
<TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">1</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a
guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><FONT size=1 face="serif">The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust&#146;s common shares.</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT></center>
<P align="center">
<FONT size=2 face="serif">50</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT face="serif">FINANCIAL HIGHLIGHTS</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<B><FONT size=2 face="serif">BlackRock New York Municipal Income Trust (BNY)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=56% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" rowspan="5" align=left>
      <center>
        <B><FONT size=2 face="serif">For the period</FONT></B><br>
        <B><FONT size=2 face="serif">July 27, 2001</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B><br>
        <B><FONT size=2 face="serif">through</FONT></B><br>
        <B><FONT size=2 face="serif">October 31, 2001</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>      </center></TD>
  </TR>
<TR valign="bottom">
	<TD width=56% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
  </TR>
<TR valign="bottom">
	<TD width=56% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="11" align=left>
      <center>
        <B><FONT size=2 face="serif">Year Ended October 31,</FONT></B>&nbsp;
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
  </TR>
<TR>
	<TD width="56%">
	  <center>
    </center></TD>
	<TD width="1%">
	  <center>
    </center></TD>
	<TD colspan=11>
<HR align="center" size=1 noshade>
	</TD>
	<TD width="1%">
	  <center>
    </center></TD>
  </TR>
<TR valign="bottom">
	<TD width=56% align=left>

	  <center>
    </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2004</FONT></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2003</FONT></B>
      </center></TD>
	<TD width=1%>
	  <center>
    </center></TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">2002</FONT></B>&nbsp;
      </center></TD>
	<TD width=1% align=right><center>
    </center></TD>
  </TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">PER COMMON SHARE OPERATING PERFORMANCE:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net asset value, beginning of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.76</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left><FONT size=2 face="serif">$</FONT>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.47</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.09</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left><div align="right"><FONT size=2 face="serif">$</FONT>	</div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.33</FONT>
	</TD>
	<TD width=3% align=left><FONT size=2 face="serif"></FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Investment operations:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.14</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.14</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.09</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.15</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net realized and unrealized gain (loss)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.36</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.13</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.29</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends to preferred shareholders from</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.08</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.09</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.13</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.01</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net increase from investment operations</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.42</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.18</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.25</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.06</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Dividends and distributions to common shareholders:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.90</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.87</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.14</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">In excess of net investment income</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.02</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Total dividends and distributions</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.90</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(0.87</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.16</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Capital charges with respect to issuance of:</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Common shares</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Preferred shares</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.11</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Total capital charges</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">&#151;</FONT>
      </div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(0.14</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net asset value, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">15.28</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left><FONT size=2 face="serif">$</FONT>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.76</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.47</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left><div align="right"><FONT size=2 face="serif">$</FONT>	</div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.09</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Market price, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.99</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left><FONT size=2 face="serif">$</FONT>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.45</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13.42</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left><div align="right"><FONT size=2 face="serif">$</FONT>	</div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14.62</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENT RETURN</FONT></B><B><SUP><FONT size=2 face="serif">4</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">10.99</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">6.95</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">(2.25</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(5.58</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="56%">
	</TD>
	<TD width="1%">
	</TD>
	<TD colspan=15>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">RATIOS TO AVERAGE NET ASSETS OF</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">COMMON SHAREHOLDERS:</FONT></B><B><SUP><FONT size=2 face="serif">5</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.87</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.88</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.90</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.73</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses after fees waived and before fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.87</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.89</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.92</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.74</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Expenses before fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.27</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.29</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">1.33</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.03</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net investment income after fees waived and paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
	  <div align="right"></div></TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">and before preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.62</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.73</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">7.87</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">3.93</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Preferred share dividends</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.56</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.62</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">0.93</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">0.37</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net investment income available to common shareholders</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.06</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">7.11</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">6.94</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">3.56</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<B><FONT size=2 face="serif">SUPPLEMENTAL DATA:</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Average net assets of common shareholders (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">188,746</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">183,648</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">173,885</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">163,077</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Portfolio turnover</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">57</FONT>
      </div></TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">2</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Net assets of common shareholders, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">191,274</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">184,874</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">181,200</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">175,110</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Preferred shares value outstanding, end of period (000)</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">109,750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">109,750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">109,750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">109,750</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=56% align=left>
<FONT size=2 face="serif">Asset coverage per preferred share, end of period</FONT>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">68,575</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">67,115</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">66,279</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=2% align=left><div align="right"><FONT size=2 face="serif">$</FONT>

	</div></TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">64,894</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="140" size="1" noshade></TD>
  </TR>
<TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Calculated using the average shares outstanding method.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="top">
	<TD nowrap>
<SUP><FONT size=1 face="serif">4</FONT></SUP></TD>
	<TD>
<FONT size=1 face="serif">Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Trust&#146;s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for
less than a full year are not annualized. Past performance is not a guarantee of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=1 face="serif">Annualized.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><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></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<center>
  <FONT size=2 face="serif">See Notes to Financial Statements.</FONT></center>
<P align="center">
<FONT size=2 face="serif">51</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<P>
<B><FONT size=4 face="serif">NOTES TO FINANCIAL STATEMENTS</FONT></B></P>
<P>
<B><FONT face="serif">Note 1. Organization &amp; Accounting Policies </FONT></B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust Inc. (&#147;Municipal Investment Quality&#148;) was organized as a Maryland corporation on November 19, 1992. BlackRock California Investment Quality Municipal Trust Inc.  (&#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">Investments Valuation: </FONT></B><FONT size=2 face="serif">Municipal investments (including commitments to purchase such investments on a &#147;when-issued&#148; basis) are valued on the basis of prices provided by
dealers or pricing services selected under the supervision of each Trust&#146;s Board of Trustees or Board of Directors as the case may be (each, a &#147;Board&#148;). In determining the value of a particular investment, pricing services may use
certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. A futures contract is valued at the last sale price as
of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open end investment companies are valued at net asset value. Any investments or other assets for which such current
market quotations are not readily available are valued at fair value (&#147;Fair Value Assets&#148;) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust&#146;s Board. The
investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations.
The pricing of all Fair Value Assets shall be subsequently reported to and ratified by the Board of Trustees.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current
sale of that asset in an arms-length transaction. Fair value determinations shall be based upon all available factors that BlackRock Advisors deems relevant.</FONT></P>
<P>
<B><FONT size=2 face="serif">Investment Transactions and Investment Income: </FONT></B><FONT size=2 face="serif">Investment transactions are recorded on trade date. Realized and unrealized gains and losses are calculated on the identified cost
basis. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method.</FONT></P>
<P>
<B><FONT size=2 face="serif">Financial Futures Contracts: </FONT></B><FONT size=2 face="serif">A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits
are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by &#147;marking-to-market&#148; on
a daily basis to reflect the market value of the contract at the end of each day&#146;s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust
records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust&#146;s basis in the contract. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In
the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest
rates do not change the duration of the portfolio unexpectedly.</FONT></P>
<P>
<B><FONT size=2 face="serif">Segregation: </FONT></B><FONT size=2 face="serif">In cases in which the Investment Company Act of 1940, as amended, and the interpretive positions of the Securities and Exchange Commission (&#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. Income distributions and capital gain distributions
are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in
Note 4.</FONT></P>
<P>
<B><FONT size=2 face="serif">Estimates: </FONT></B><FONT size=2 face="serif">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.</FONT></P>
<P align="center">
<FONT size=2 face="serif">52</FONT></P>

<HR noshade align="center" width="100%" size=4>


<PAGE>


<P>
<B><FONT size=2 face="serif">Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: </FONT></B><FONT size=2 face="serif">Under the deferred compensation plan approved by 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>
&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 size=2 face="serif">Reclassification of Capital Accounts: </FONT></B><FONT size=2 face="serif">In order to present undistributed (distribution in excess of) net investment income (&#147;UNII&#148;) and accumulated net realized gain
(&#147;Accumulated Gain&#148;) more closely to its tax character, the following accounts for each Trust were increased (decreased):</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD colspan="3" align=left>

	  <center>
      </center>

	  <center>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="2" align=left>

	  <center>
    </center>
      <center>
        <B><FONT size=2 face="serif">Accumulated</FONT></B>&nbsp;
      </center></TD>
	<TD width=3%>
	  <center>
    </center></TD>
	<TD width=18% align=left>

	  <center>
    </center></TD>
	<TD width=6%>
	  <center>
    </center></TD>
	<TD width=2% align=left>

	  <center>
    </center></TD>
	<TD width=5% align=left>

	  <center>
    </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=3%>
	  <center>
    </center></TD>
	<TD colspan="2" align=left>

	  <center>
    </center>
      <center>
        <B><FONT size=2 face="serif">Accumulated</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD colspan="3" align=left>
      <center>
        <B><FONT size=2 face="serif">UNII</FONT></B>
      </center>

	  <center>
      </center></TD>
	<TD width=2%>
	  <center>
    </center></TD>
	<TD colspan="2" align=left>

	  <center>
    </center>
      <center>
        <B><FONT size=2 face="serif">Gain</FONT></B>&nbsp;
      </center></TD>
	<TD width=3%>
	  <center>
    </center></TD>
	<TD width=18% align=left>      <div align="left"><B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
    </div></TD>
	<TD width=6%>
	  <center>
    </center></TD>
	<TD colspan="2" align=left>

	  <center>
    </center>
      <center>
        <B><FONT size=2 face="serif">UNII</FONT></B>
      </center></TD>
	<TD width=3% align=left>

	  <center>
    </center></TD>
	<TD width=3%>
	  <center>
    </center></TD>
	<TD colspan="2" align=left>

	  <center>
    </center>
      <center>
        <B><FONT size=2 face="serif">Gain</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD width="17%"><HR noshade size=1>
	</TD>
    <TD width="10%">&nbsp;</TD>
    <TD colspan="3"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(78,418</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">78,418</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=18% align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(7</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">7</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(23,208</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">23,208</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=18% align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(40,058</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">40,058</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(32,978</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">32,978</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=18% align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(44</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">44</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=18% align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(4,849</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">4,849</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(59</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">59</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=18% align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">(564</FONT>
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">564</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<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 on the Income Trusts covers both investment advisory and administration services. Each Investment Quality Trust has an Administration Agreement with the Advisor.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Trust&#146;s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the Investment Quality Trusts and 0.60% for the Income
Trusts, of the Trust&#146;s average weekly managed assets. &#147;Managed assets&#148; means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other
than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Income Trusts as a percentage of managed assets as follows: 0.25% for the first five years of
each of the Trust&#146;s operations, 0.20% in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the
Advisor, occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which may include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support and
compliance services to each Trust.</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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=18% align=left><B><FONT face="serif">Note 3. Portfolio</FONT></B>&nbsp; </TD>
    <TD colspan="18" rowspan="2" valign="top"><FONT size=2 face="serif">Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the year ended October 31, 2004, were as follows:</FONT>
	</TD>
  </TR>
  <TR valign="bottom">
    <TD width=18% align=left><B><FONT face="serif">Securities</FONT></B>&nbsp; </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=27% colspan="2" align=left><B><FONT size=2 face="serif">Trust</FONT></B>&nbsp; </TD>
    <TD colspan="2" align=left><center>
        <B><FONT size=2 face="serif">Purchases</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%><center>
    </center></TD>
    <TD colspan="2" align=left><center>
        <B><FONT size=2 face="serif">Sales</FONT></B>&nbsp;
    </center></TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=19% align=left><B><FONT size=2 face="serif">Trust</FONT></B>&nbsp; </TD>
    <TD width=4%>&nbsp;</TD>
    <TD colspan="2" align=left><center>
        <B><FONT size=2 face="serif">Purchases</FONT></B>&nbsp;
    </center></TD>
    <TD width=3%><center>
    </center></TD>
    <TD colspan="2" align=left><center>
        <B><FONT size=2 face="serif">Sales</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <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><HR noshade size=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 valign="bottom">
    <TD width=27% colspan="2" align=left><FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=7% align=right><FONT size=2 face="serif">204,122,815</FONT>
	</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=9% align=right><FONT size=2 face="serif">203,045,345</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=19% align=left><FONT size=2 face="serif">Florida Income</FONT>
	</TD>
    <TD width=4%>&nbsp;</TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=9% align=right><FONT size=2 face="serif">15,440,213</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=5% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=6% align=center><div align="right"><FONT size=2 face="serif">15,066,330</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=27% colspan="2" align=left><FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
    <TD width=2% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">584,964,077</FONT>
	</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right><FONT size=2 face="serif">565,882,727</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=19% align=left><FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
    <TD width=4%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right><FONT size=2 face="serif">2,439,520</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=5% align=left></TD>
    <TD width=6% align=center><div align="right"><FONT size=2 face="serif">4,879,572</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=27% colspan="2" align=left><FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
    <TD width=2% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">2,797,313</FONT>
	</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right><FONT size=2 face="serif">5,762,201</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=19% align=left><FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
    <TD width=4%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right><FONT size=2 face="serif">27,867,372</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=5% align=left></TD>
    <TD width=6% align=center><div align="right"><FONT size=2 face="serif">27,671,986</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=27% colspan="2" align=left><FONT size=2 face="serif">California Income</FONT>
	</TD>
    <TD width=2% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">53,023,257</FONT>
	</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right><FONT size=2 face="serif">50,855,834</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=19% align=left><FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
    <TD width=4%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right><FONT size=2 face="serif">6,279,587</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=5% align=left></TD>
    <TD width=6% align=center><div align="right"><FONT size=2 face="serif">9,451,616</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=27% colspan="2" align=left><FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
    <TD width=2% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">2,958,675</FONT>
	</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right><FONT size=2 face="serif">6,560,790</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=19% align=left><FONT size=2 face="serif">New York Income</FONT>
	</TD>
    <TD width=4%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right><FONT size=2 face="serif">43,892,397</FONT>
	</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=5% align=left></TD>
    <TD width=6% align=center><div align="right"><FONT size=2 face="serif">38,795,739</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">There were no purchases or sales of U.S. government securities.</FONT></P>
<P>
<FONT size=2 face="serif">Details of open financial futures contracts at October 31, 2004 were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">Number of</FONT></B>&nbsp; </TD>
    <TD width=3% align="center">&nbsp;</TD>
    <TD width=12% align=center>&nbsp;</TD>
    <TD width=3% align="center">&nbsp;</TD>
    <TD width="11%" align=center><center>
        <B><FONT size=2 face="serif">Expiration</FONT></B>&nbsp;
    </center></TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">Value at Trade</FONT></B>&nbsp; </TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">Value at</FONT></B>&nbsp; </TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><center>
        <B><FONT size=2 face="serif">Unrealized</FONT></B>
    </center></TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD height="19" colspan="2" align=left><B><FONT size=2 face="serif">Trust</FONT></B>&nbsp; </TD>
    <TD width=10% align=center><B><FONT size=2 face="serif">Contracts</FONT></B>&nbsp; </TD>
    <TD width=3% align="center">&nbsp;</TD>
    <TD width=12% align=center><B><FONT size=2 face="serif">Type</FONT></B>&nbsp; </TD>
    <TD width=3% align="center">&nbsp;</TD>
    <TD align=center><center>
        <B><FONT size=2 face="serif">Date</FONT></B>&nbsp;
    </center></TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">Date</FONT></B>&nbsp; </TD>
    <TD width=1% 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, 2004</FONT></B>&nbsp; </TD>
    <TD align=center></TD>
    <TD colspan="2" align=center><B><FONT size=2 face="serif">Depreciation</FONT></B> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"><HR noshade size=1>
    </TD>
    <TD width="16%">&nbsp;</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 valign="bottom">
    <TD colspan="2" align=left><B><FONT size=2 face="serif">Short Positions:</FONT></B>&nbsp; </TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=left>&nbsp;</TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=left>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=left></TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">Municipal Investment Quality</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">677</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=7% align=right><FONT size=2 face="serif">75,507,162</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">76,881,813</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=right><FONT size=2 face="serif">$</FONT> </TD>
    <TD width=8% align=right><FONT size=2 face="serif">(1,374,651</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">Municipal Income</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">2,433</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">271,356,652</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=right><FONT size=2 face="serif">276,297,597</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=right><FONT size=2 face="serif">(4,940,945</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">California Investment Quality</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">334,626</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=right><FONT size=2 face="serif">340,687</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=right><FONT size=2 face="serif">(6,061</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">California Income</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">902</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">100,601,920</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=right><FONT size=2 face="serif">102,433,389</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=right><FONT size=2 face="serif">(1,831,469</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">Florida Investment Quality</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">4</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">445,843</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=right><FONT size=2 face="serif">454,250</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=right><FONT size=2 face="serif">(8,407</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">Florida Income</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">343</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">38,255,471</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=right><FONT size=2 face="serif">38,951,941</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=right><FONT size=2 face="serif">(696,470</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">New Jersey Investment Quality</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">3</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">334,626</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=right><FONT size=2 face="serif">340,689</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=right><FONT size=2 face="serif">(6,063</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">New Jersey Income</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">417</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">46,508,666</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=right><FONT size=2 face="serif">47,355,569</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=right><FONT size=2 face="serif">(846,903</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">New York Investment Quality</FONT> </TD>
    <TD width=10% align=right><FONT size=2 face="serif">5</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=12% align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>&nbsp;
    </center></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=7% align=right><FONT size=2 face="serif">557,380</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=4% align=left></TD>
    <TD width=10% align=right><FONT size=2 face="serif">567,815</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=8% align=right><FONT size=2 face="serif">(10,435</FONT> </TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">New York Income</FONT> </TD>
    <TD align=right><FONT size=2 face="serif">600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><FONT size=2 face="serif">10 Yr. U.S. T-Note</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Dec</FONT>&nbsp; <FONT size=2 face="serif">&#146;</FONT> <FONT size=2 face="serif">04</FONT>
    </center></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right><FONT size=2 face="serif">66,919,070</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right><FONT size=2 face="serif">68,137,510</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right><FONT size=2 face="serif">(1,218,440</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">53</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At October 31, 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 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Cost</FONT></B>&nbsp;
      </center></TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Appreciation</FONT></B>&nbsp;
	</TD>
	<TD width=5% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Depreciation</FONT></B>&nbsp;
	</TD>
	<TD width=7% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Net</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<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>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">378,741,116</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">31,175,864</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">183,015</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">30,992,849</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">954,641,669</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">43,824,869</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">7,765,246</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">36,059,623</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">17,820,477</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,007,063</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">138,875</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">868,188</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">338,861,389</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">14,370,379</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">4,348,970</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">10,021,409</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">19,871,513</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,336,914</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">38,459</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,298,455</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">151,328,439</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">7,281,166</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,014,345</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">6,266,821</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">19,451,761</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,444,327</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">254,589</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,189,738</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">166,941,850</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">9,285,156</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,276,907</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">8,008,249</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">26,337,122</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,864,316</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">40,228</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,824,088</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=42% colspan="2" align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=4% align=left>

	</TD>
	<TD width=7% align=center>
      <div align="right"><FONT size=2 face="serif">287,882,906</FONT>
      </div></TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">15,577,975</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,685,786</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">13,892,189</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2004, the Trusts&#146; last tax year-end except for New York Income which had its last tax
year-end at July 31, 2004. These amounts may be used to offset future realized capital gains, if any:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD colspan="2">&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Capital Loss</FONT></B>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11%>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16%>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Capital Loss</FONT></B>&nbsp;
      </center></TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9%>&nbsp;

	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD colspan="2">&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Carryforward</FONT></B>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11%>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16%>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Carryforward</FONT></B>&nbsp;
      </center></TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9%>&nbsp;

	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD colspan="2">
      <div align="left"><B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
      </div></TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD colspan="2">
<B><FONT size=2 face="serif">Amounts</FONT></B>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11%>
<B><FONT size=2 face="serif">Expires</FONT></B>&nbsp;
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16%>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <center>
        <B><FONT size=2 face="serif">Amounts</FONT></B>&nbsp;
      </center></TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9%>
<B><FONT size=2 face="serif">Expires</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="16%">
<HR noshade size=1>
	</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><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><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">4,081,536</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2012</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,204,636</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2012</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">2,870,542</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2011</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">210,077</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2010</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9>
	</TD>
	<TD>
	</TD>
	<TD colspan=2 align="right">
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">324,268</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2010</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,414,713</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=9>
	</TD>
	<TD>
	</TD>
	<TD colspan=2 align="right">
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">133,706</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2009</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">5,068,444</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2008</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">57,410</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2008</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9>
	</TD>
	<TD>
	</TD>
	<TD colspan=2 align="right">
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">312,281</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2007</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,662,124</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2012</FONT>
	</TD>
</TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
	<TD colspan=8>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">12,790,777</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">28,207</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2011</FONT>
	</TD>
</TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD>
	</TD>
	<TD colspan=2>
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD colspan=8>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">15,767,389</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2012</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">615,438</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2010</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">21,749,554</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2011</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">49,975</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2009</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9>
	</TD>
	<TD>
	</TD>
	<TD colspan=2 align="right">
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">15,055,804</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2010</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">2,355,744</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=9>
	</TD>
	<TD>
	</TD>
	<TD colspan=2 align="right">
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">526,271</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2009</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
	<TD colspan=8>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">53,099,018</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">3,511</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2008</FONT>
	</TD>
</TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD>
	</TD>
	<TD colspan=2>
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD colspan=3>
	</TD>
	<TD>
	</TD>
	<TD colspan=2 align="right">
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">485,438</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2012</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">129,669</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2012</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">2,021,656</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2011</FONT>
	</TD>
</TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD>
	</TD>
	<TD colspan=2>
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD colspan=8>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">4,943,577</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2012</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">68,166</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">2010</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9>
	</TD>
	<TD>
	</TD>
	<TD colspan=2 align="right">
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">124,338</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2011</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">2,575,260</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=9>
	</TD>
	<TD>
	</TD>
	<TD colspan=2 align="right">
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">2,398,646</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=center>
<FONT size=2 face="serif">2010</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
	</TD>
	<TD colspan=8>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">7,466,561</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=11% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=16% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=2% align=right>&nbsp;

	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD>
	</TD>
	<TD colspan=2>
<HR noshade size=2>
	</TD>
	<TD>
	</TD>
	<TD colspan=8>
	</TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its capital loss carryforward
amounts.</FONT></P>
<table width="100%"  border="0">
  <tr valign="top">
    <td width="19%"><b><font face="serif">Note 4. Distributions to <br>
    Shareholders</font></b></td>
    <td width="81%"><FONT size=2 face="serif">The tax character of distributions paid during the year ended October 31, 2004, and the year ended October 31, 2003, were as follows:</FONT></td>
  </tr>
</table>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD colspan="11" align=left>
      <center>
        <B><FONT size=2 face="serif">Year ended October 31, 2004</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD colspan="2" align=left>

	</TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>&nbsp;

	</TD>
	<TD width=9% align="center">&nbsp;
	</TD>
	<TD colspan=2 align=center>
<B><FONT size=2 face="serif">Long-term</FONT></B>&nbsp;
	</TD>
	<TD width=7% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>

	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<B><FONT size=2 face="serif">Distributions Paid From:</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Tax-exempt Income</FONT></B>&nbsp;
      </center></TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Ordinary Income</FONT></B>&nbsp;
	</TD>
	<TD width=9% align="center">&nbsp;
	</TD>
	<TD colspan=2 align=center>
<B><FONT size=2 face="serif">Capital Gains</FONT></B>&nbsp;
	</TD>
	<TD width=7% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Total Distributions</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD width="15%">
<HR noshade size=1>
	</TD>
    <TD width="14%">&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=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 valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">16,835,037</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">$</FONT>
      </div></TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">16,835,037</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">46,292,037</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">46,292,037</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">914,331</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">52,167</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">966,498</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,956,172</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,956,172</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,035,510</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">280,521</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,316,031</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">6,560,247</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">6,560,247</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">882,402</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">882,402</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">7,306,552</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">7,306,552</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,239,550</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,239,550</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">12,378,534</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">12,378,534</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">54</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD colspan=3 align=right nowrap>
<B><FONT size=2 face="serif">Year ended October 31, 2003</FONT></B>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan="2">
	</TD>
	<TD colspan=11>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=center>&nbsp;

	</TD>
	<TD width=5% align="center">&nbsp;
	</TD>
	<TD width=5% align=center>&nbsp;

	</TD>
	<TD width=7% align=center>&nbsp;

	</TD>
	<TD width=7% align="center">&nbsp;
	</TD>
	<TD colspan=2 align=center>&nbsp;
</TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD width=1% align=center>

	</TD>
	<TD width=9% align=center>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<B><FONT size=2 face="serif">Distributions Paid From:</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Tax-exempt Income</FONT></B>&nbsp;
      </center></TD>
	<TD width=5% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Ordinary Income</FONT></B>&nbsp;
	</TD>
	<TD width=7% align="center">&nbsp;
	</TD>
	<TD colspan=2 align=center>
<B><FONT size=2 face="serif">Long-term</FONT></B>&nbsp; <br>
<B><FONT size=2 face="serif">Capital Gains</FONT></B>&nbsp;
	</TD>
	<TD width=6% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Total Distributions</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
  <TD width=14% align=left><HR noshade size=1></TD>
  <TD width=22% align=left>&nbsp;</TD>
  <TD colspan="2" align=left><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan=2 align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">16,282,840</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">$</FONT>
      </div></TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">16,282,840</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">45,162,896</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">45,162,896</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">899,044</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">899,044</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">14,616,191</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">14,616,191</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,028,098</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,028,098</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">6,435,446</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">6,435,446</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">862,609</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">862,609</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">7,144,591</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">7,144,591</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1,235,682</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">1,235,682</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=5% align=left>

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">12,228,638</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">12,228,638</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">As of October 31, 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 valign="bottom">
	<TD width=28% align=left>&nbsp;

	</TD>
	<TD width=9% align=center>&nbsp;

	</TD>
	<TD width=7% align="center">&nbsp;
	</TD>
	<TD width=2% align="center">&nbsp;</TD>
	<TD width=9% align=center>&nbsp;

	</TD>
	<TD width=5% align="center">&nbsp;
	</TD>
	<TD width=4% align="center">&nbsp;</TD>
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Undistributed</FONT></B>&nbsp;
	</TD>
	<TD width=3% align="center">&nbsp;</TD>
	<TD colspan="2" align="center">&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=28% align=left>&nbsp;

	</TD>
	<TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Undistributed</FONT></B>&nbsp;
      </center>	</TD>
	<TD width=2% align="center">&nbsp;</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Undistributed</FONT></B>&nbsp;
	</TD>
	<TD width=4% align="center">&nbsp;</TD>
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Long-term</FONT></B>&nbsp;
	</TD>
	<TD width=3% align="center">&nbsp;</TD>
	<TD colspan="2" align="center">
<B><FONT size=2 face="serif">Unrealized</FONT></B>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=28% align=left>&nbsp;

	</TD>
	<TD colspan="2" rowspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Tax-exempt Income</FONT></B>&nbsp;
      </center>      <HR noshade size=1></TD>
	<TD width=2% align="center">&nbsp;</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Ordinary Income</FONT></B>&nbsp;
	</TD>
	<TD width=4% align="center">&nbsp;</TD>
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Gains</FONT></B>&nbsp;
	</TD>
	<TD width=3% align="center">&nbsp;</TD>
	<TD colspan="2" align="center">
<B><FONT size=2 face="serif">Net Appreciation</FONT></B>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align="center"><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">$13,762,306</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>
      <div align="right"><FONT size=2 face="serif">$</FONT>
      </div></TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">$30,926,134</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">23,766,268</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>&nbsp;</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">35,977,114</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">453,879</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>&nbsp;</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">855,528</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">7,358,695</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>&nbsp;</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">9,992,708</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">574,006</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>&nbsp;</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">138,016</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">1,285,788</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">2,913,867</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>&nbsp;</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">6,256,736</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">673,653</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>&nbsp;</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">1,176,506</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">3,769,933</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>&nbsp;</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">7,995,908</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=28% align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=9% align=right>
<FONT size=2 face="serif">687,438</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=2%>&nbsp;</TD>
	<TD width=9% align=right>&nbsp;</TD>
	<TD width=5%><div align="right"><FONT size=2 face="serif">&#151;</FONT>
    </div></TD>
	<TD width=4%>&nbsp;</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=4% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=10% align=right><FONT size=2 face="serif">1,811,502</FONT> </TD>
	<TD width=7% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<table width="100%"  border="0">
  <tr valign="top">
    <td width="13%"><B><FONT face="serif">Note 5. Capital</FONT></B></td>
    <td width="87%"><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 October 31, 2004, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows:</FONT></td>
  </tr>
</table>
<B></B><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Common</FONT></B>&nbsp;
	</TD>
	<TD align=center>&nbsp; </TD>
	<TD colspan="2" align=center><B><FONT size=2 face="serif">Common</FONT></B></TD>
	<TD width=2% align=center>&nbsp;</TD>
	<TD width=14% align=center>&nbsp;

	</TD>
	<TD width=1% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Common</FONT></B>&nbsp;
	</TD>
	<TD width=3% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Common</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD align=center>&nbsp; </TD>
	<TD colspan="2" align=center><B><FONT size=2 face="serif">Shares</FONT></B></TD>
	<TD width=2% align=center>&nbsp;</TD>
	<TD width=14% align=center>&nbsp;

	</TD>
	<TD width=1% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=3% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Outstanding</FONT></B>&nbsp;
	</TD>
	<TD align=center>&nbsp; </TD>
	<TD colspan="2" align=center><B><FONT size=2 face="serif">Owned</FONT></B></TD>
	<TD width=2% align=center>&nbsp;</TD>
	<TD width=14% align=center>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=1% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Outstanding</FONT></B>&nbsp;
	</TD>
	<TD width=3% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
  <TD width=15% align=left><HR noshade size=1></TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">16,707,093</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=4% align=right>&nbsp;</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;</TD>
	<TD width=14% align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">6,646,343</FONT>
	</TD>
	<TD width=6%>&nbsp;</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
    <TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">43,588,385</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=4% align=right>&nbsp;</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;</TD>
	<TD width=14% align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,007,093</FONT>
	</TD>
	<TD width=6%>&nbsp;</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
    <TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,007,093</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=4% align=right>&nbsp;</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;</TD>
	<TD width=14% align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">7,414,793</FONT>
	</TD>
	<TD width=6%>&nbsp;</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
    <TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">14,985,501</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=4% align=right>&nbsp;</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;</TD>
	<TD width=14% align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,307,093</FONT>
	</TD>
	<TD width=6%>&nbsp;</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
    <TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,127,093</FONT>
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=4% align=right>&nbsp;</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;</TD>
	<TD width=14% align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">12,521,494</FONT>
	</TD>
	<TD width=6%>&nbsp;</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">&#151;</FONT>
	</TD>
    <TD width=7% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the year ended October 31, 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 October 31, 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 valign="bottom">
	<TD colspan="2" align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=9% align=center>
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
	</TD>
	<TD width=2% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=3% align="center">&nbsp;</TD>
	<TD width=21% align=center>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=3% align="center">&nbsp;
	</TD>
	<TD width=13% align=center>
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
	</TD>
	<TD width=5% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD width="4%">
      <hr noshade size=1>	</TD>
    <TD width="17%">&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">T7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">3,262</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=right>
      <center>
        <FONT size=2 face="serif">R7</FONT>
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">340</FONT>
	</TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">T28</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">2,600</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=right>
      <center>
        <FONT size=2 face="serif">T7</FONT>
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,302</FONT>
	</TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">M7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">3,001</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=right>
      <center>
        <FONT size=2 face="serif">T7</FONT>
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">300</FONT>
	</TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">T7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">3,001</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=right>
      <center>
        <FONT size=2 face="serif">R7</FONT>
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,552</FONT>
	</TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">W7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">3,001</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=right>
      <center>
        <FONT size=2 face="serif">F7</FONT>
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">392</FONT>
	</TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">R7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">3,001</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=right>
      <center>
        <FONT size=2 face="serif">W7</FONT>
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,195</FONT>
	</TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">F7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">3,001</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=right>
      <center>
        <FONT size=2 face="serif">F7</FONT>
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,195</FONT>
	</TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">W7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">300</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=left>&nbsp;

	</TD>
    <TD width=6% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">T7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">2,639</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=left>&nbsp;

	</TD>
    <TD width=6% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=9% align=center>
<FONT size=2 face="serif">R7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">2,639</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=21% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=6% align=left>&nbsp;

	</TD>
    <TD width=6% align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">55</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<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 year ended October 31, 2004, were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Low</FONT></B>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">High</FONT></B>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=17% align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Low</FONT></B>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">High</FONT></B>
	</TD>
  </TR>
<TR valign="bottom">
  <TD width="15%" align=left><HR noshade size=1></TD>
  <TD width="3%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.80</FONT>
	</TD>
	<TD width=4% align=left>
<FONT size=2 face="serif">%</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.60</FONT>
	</TD>
	<TD width=4% align=left>
<FONT size=2 face="serif">%</FONT>
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=17% align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.19</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1.35</FONT>
	</TD>
	<TD width=5% align=left>
<FONT size=2 face="serif">%</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.45</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.69</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=17% align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.40</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1.58</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.45</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.55</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=17% align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.40</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">2.10</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.60</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">1.50</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=17% align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.45</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1.55</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.80</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">2.20</FONT>
	</TD>
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=17% align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">0.40</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">1.50</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with
respect to the outstanding preferred shares would be less than 200%.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $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>
&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>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
	<TD width=17% align=right>
      <div align="left"><B><FONT face="serif">Note 6. Dividends</FONT></B>&nbsp;
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=77% rowspan="2" align=left>
<FONT size=2 face="serif">Subsequent to October 31, 2004, the Board of each Trust declared dividends from undistributed earnings per common share payable December 1, 2004, to shareholders of record on November 15, 2004. The per share common dividends declared were as follows:</FONT>
	</TD>
</TR>
<TR valign="top">
	<TD width=17% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=2% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Common Dividend</FONT></B>&nbsp;
	</TD>
	<TD width=10% align="center">&nbsp;
	</TD>
	<TD width=21% align=center>&nbsp;

	</TD>
	<TD width=8% align="center">&nbsp;
	</TD>
	<TD colspan="3" align=center nowrap>
<B><FONT size=2 face="serif">Common Dividend</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=2% align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Per Share</FONT></B>&nbsp;
	</TD>
	<TD width=10% align="center">&nbsp;
	</TD>
	<TD width=21% align=center>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=8% align="center">&nbsp;
	</TD>
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Per Share</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD width=24% align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=14% align=center>
<FONT size=2 face="serif">0.076189</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>
      <div align="right"><FONT size=2 face="serif">$</FONT>
      </div></TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">0.075375</FONT>
	</TD>
    <TD width=4% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=14% align=center>
<FONT size=2 face="serif">0.081125</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">0.067148</FONT>
	</TD>
    <TD width=4% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=14% align=center>
<FONT size=2 face="serif">0.070600</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">0.075108</FONT>
	</TD>
    <TD width=4% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=14% align=center>
<FONT size=2 face="serif">0.076074</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">0.073125</FONT>
	</TD>
    <TD width=4% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=14% align=center>
<FONT size=2 face="serif">0.070781</FONT>
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=21% align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">0.075339</FONT>
	</TD>
    <TD width=4% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The dividends declared on preferred shares for the period November 1, 2004 to November 30, 2004, for each of the Trusts were as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>&nbsp;

	</TD>
	<TD width=2% align="center">&nbsp;
	</TD>
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Dividends</FONT></B>&nbsp;
	</TD>
	<TD width=5% align="center">&nbsp;</TD>
	<TD width=19% align=center>&nbsp;

	</TD>
	<TD width=5% align="center">&nbsp;
	</TD>
	<TD width=8% align=center>&nbsp;

	</TD>
	<TD width=8% align="center">&nbsp;
	</TD>
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Dividends</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
	</TD>
	<TD width=2% align="center">&nbsp;
	</TD>
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Declared</FONT></B>&nbsp;
	</TD>
	<TD width=5% align="center">&nbsp;</TD>
	<TD width=19% align=center>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=5% align="center">&nbsp;
	</TD>
	<TD width=8% align=center>
<B><FONT size=2 face="serif">Series</FONT></B>&nbsp;
	</TD>
	<TD width=8% align="center">&nbsp;
	</TD>
	<TD colspan="3" align=center>
<B><FONT size=2 face="serif">Declared</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD width="4%"><HR noshade size=1>
	</TD>
    <TD width="16%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=3><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=3><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Investment Quality</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">T7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">93,652</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>
<FONT size=2 face="serif">Florida Investment Quality</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=center>
      <center>
        <FONT size=2 face="serif">R7</FONT>
    </center></TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=right>
<FONT size=2 face="serif">$</FONT>
	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">13,345</FONT>
	</TD>
    <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">T28</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">79,768</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>
<FONT size=2 face="serif">Florida Income</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=center>
      <center>
        <FONT size=2 face="serif">T7</FONT>
    </center></TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">53,522</FONT>
	</TD>
    <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Municipal Income</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">M7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">108,786</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>
<FONT size=2 face="serif">New Jersey Investment Quality</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=center>
      <center>
        <FONT size=2 face="serif">T7</FONT>
    </center></TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">8,388</FONT>
	</TD>
    <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">T7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">87,959</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>
<FONT size=2 face="serif">New Jersey Income</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=center>
      <center>
        <FONT size=2 face="serif">R7</FONT>
    </center></TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">78,193</FONT>
	</TD>
    <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">W7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">90,840</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>
<FONT size=2 face="serif">New York Investment Quality</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=center>
      <center>
        <FONT size=2 face="serif">F7</FONT>
    </center></TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">14,022</FONT>
	</TD>
    <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">R7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">90,930</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>
<FONT size=2 face="serif">New York Income</FONT>
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=center>
      <center>
        <FONT size=2 face="serif">W7</FONT>
    </center></TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">62,119</FONT>
	</TD>
    <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">F7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">111,037</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=center>
      <center>
        <FONT size=2 face="serif">F7</FONT>
    </center></TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=right>
<FONT size=2 face="serif">83,761</FONT>
	</TD>
    <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Investment Quality</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">W7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">5,937</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
    <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">California Income</FONT>
	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">T7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">53,888</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
    <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=8% align=center>
<FONT size=2 face="serif">R7</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=1% align=left>

	</TD>
	<TD width=6% align=center>
      <div align="right"><FONT size=2 face="serif">67,928</FONT>
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5%>&nbsp;</TD>
	<TD width=19% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=2% align=left>
</table>


<p></p>
<TABLE border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD width=28% align=right><div align="left"><B><FONT face="serif">Note 7. Reimbursements</FONT></B></div></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=70% align=left><FONT size=2 face="serif">In December of 2003, the Advisor determined that each of the Municipal Investment Quality, California 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 </FONT></TD>
  </TR>
  <TR valign="top">
    <TD colspan="3" align=left><FONT size=2 face="serif">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 unrealized losses was $18,420.76 for California Investment Quality, $86,481.10 for New Jersey I nvestment Quality and $3,690.00 for New York Investment Quality. Such amounts have been reflected in the accompanying financial statements for the year ended October 31, 2004.</FONT></TD>
  </TR>
</TABLE>
<p></p>
<TABLE border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD width=28% align=right><div align="left">
      <FONT face="serif"><b>Note 8. Investment Policy</b></FONT><B></B></div></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=70% align=left><FONT size=2 face="serif">On December 18, 2003, the Board approved a resolution for each of the Municipal Investment Quality, 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 </FONT></TD>
  </TR>
  <TR valign="top">
    <TD colspan="3" align=left><FONT size=2 face="serif">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></TD>
  </TR>
</TABLE>
<p></p>
<B></B><BR>
<P align="center">
<FONT size=2 face="serif">56</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<P>
<B><FONT face="serif">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>
<FONT size=2 face="serif">To the Trustees and Shareholders of:</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock Investment Quality Municipal Trust, Inc.</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock Municipal Income Trust</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock California Investment Quality Municipal Trust, Inc.</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock California Municipal Income Trust</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock Florida Investment Quality Municipal Trust, Inc.</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock Florida Municipal Income Trust</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock New Jersey Investment Quality Municipal Trust, Inc.</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock New Jersey Municipal Income Trust</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock New York Investment Quality Municipal Trust, Inc.</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;BlackRock New York Municipal Income Trust</FONT><BR>
<FONT size=2 face="serif">&nbsp;&nbsp;(collectively the &#147;Trusts&#148;)</FONT><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2004, the related statements of operations for
the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the
responsibility of the Trusts&#146; management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of October 31, 2004, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Trusts as of October 31,
2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the periods presented in conformity with accounting
principles generally accepted in the United States of America.</FONT></P>
<P>&nbsp;</P>
<P><FONT size=2 face="serif">/s/ Deloitte &amp; Touche LLP </FONT><br>
  <FONT size=2 face="serif">Boston, Massachusetts<br>
  December 23, 2004</FONT><br>
</P>
<P align="center">
<FONT size=2 face="serif">57</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<P>
<B><FONT face="serif">DIRECTORS/TRUSTEES INFORMATION (Unaudited)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=9><B><FONT size=1 face="serif">Independent Trustees</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=9 nowrap><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">Name, address, age</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Andrew F. Brimmer</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Richard E. Cavanagh</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Kent Dixon</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Frank J. Fabozzi</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">P.O. Box 4546</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">P.O. Box 4546</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">P.O. Box 4546</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">P.O. Box 4546</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">New York, NY 10163-4546</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">New York, NY 10163-4546</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">New York, NY 10163-4546</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">New York, NY 10163-4546</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Age</FONT> <FONT size=1 face="serif">77</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Age</FONT> <FONT size=1 face="serif">58</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Age</FONT> <FONT size=1 face="serif">67</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Age</FONT> <FONT size=1 face="serif">56</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=9 nowrap><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">Current positions held with</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Lead Trustee</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Trustee</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Trustee</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Trustee</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">the Trusts</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Audit Committee Chairman</FONT><SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Audit Committee Member</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Audit Committee Member</FONT><SUP><FONT size=1 face="serif">2</FONT></SUP>&nbsp; </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Audit Committee Member</FONT><SUP><FONT size=1 face="serif">3</FONT></SUP>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=9 nowrap><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">Term of office and length</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since inception</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since inception</FONT><SUP><FONT size=1 face="serif">6</FONT></SUP>&nbsp; </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since inception</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since inception</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">of time served</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 nowrap><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">Principal occupations</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">President of Brimmer &amp;</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">President and Chief Executive</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Consultant/Investor. Former</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Consultant. Editor of THE</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">during the past five years</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Company, Inc., a Washington,</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Officer of The Conference</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">President and Chief Executive</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">JOURNAL OF PORTFOLIO</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">D.C.-based economic and</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Board, Inc., a leading global</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Officer of Empire Federal</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">MANAGEMENT and</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">financial consulting firm, also</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">business research organization,</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Savings Bank of America and</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Frederick Frank Adjunct</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Wilmer D. Barrett Professor of</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">from 1995-present. Former</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Banc PLUS Savings</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Professor of Finance at the</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Economics, University of</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Executive Dean of the John F.</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Association, former Chairman</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">School of Management at Yale</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Massachusetts &#150; Amherst.</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Kennedy School of Government</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">of the Board, President and</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">University. Author and editor of</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Formerly member of the Board</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">at Harvard University from</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Chief Executive Officer of</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">several books on fixed income</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">of Governors of the Federal</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">1988-1995. Acting Director,</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Northeast Savings.</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">portfolio management. Visiting</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Reserve System. Former</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Harvard Center for Business</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Professor of Finance and</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Chairman, District of Columbia</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">and Government (1991-1993).</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Accounting at the Sloan School</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Financial Control Board.</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Formerly Partner (principal) of</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">of Management, Massachusetts</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">McKinsey &amp; Company, Inc.</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Institute of Technology from</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">(1980- 1988). Former Executive</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">1986 to August 1992.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Director of Federal Cash</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Management, White House</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Office of Management and</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Budget (1977-1979). Co-author,</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">THE WINNING</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">PERFORMANCE (best selling</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">management book published in</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">13 national editions).</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 nowrap><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">Number of portfolios</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">52</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">52</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">52</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">52</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">overseen within the fund</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">complex</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 nowrap><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">Other Directorships held</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Director of CarrAmerica Realty</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Trustee: Aircraft Finance Trust</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Former Director of ISFA (the</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Director, Guardian Mutual</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">outside of the fund</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Corporation and Borg-Warner</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">(AFT) and Educational Testing</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">owner of INVEST, a national</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Funds Group (18 portfolios).</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">complex</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Automotive. Formerly Director</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Service (ETS). Director, Arch</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">securities brokerage service</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">of Airborne Express,</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Chemicals, Fremont Group and</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">designed for banks and thrift</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">BankAmerica Corporation</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">The Guardian Life Insurance</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">institutions).</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">(Bank of America), BellSouth</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Company of America.</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Corporation, College</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Retirement Equities Fund</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">(Trustee), Commodity</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Exchange, Inc. (Public</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Governor), Connecticut Mutual</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Life Insurance Company, E.I.</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">du Pont de Nemours &amp;</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Company, Equitable Life</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Assurance Society of the</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">United States, Gannett</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Company, Mercedes-Benz of</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">North America, MNC Financial</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Corporation (American</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Security Bank), NCM Capital</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Management, Navistar</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">International Corporation, PHH</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">Corp. and UAL Corporation</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap><FONT size=1 face="serif">(United Airlines).</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9 nowrap><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">For &#147;Interested Director/</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">Trustee&#148; relationships,</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">events or transactions by</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">reason of which the Trustee</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">is an interested person as</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">defined in Section</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="serif">2(a)(19)(1940 Act)</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=9><HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=2 face="serif">1 </FONT></SUP><FONT size=2 face="serif">Interested Trustee/Director as defined by Section 2(a)(19) of the Investment Company Act of 1940.</FONT></P>
<P>
<SUP><FONT size=2 face="serif">2 </FONT></SUP><FONT size=2 face="serif">The Board of each Trust has determined that each Trust has two Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer and Mr. Dixon, both of whom are
independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.</FONT></P>
<P>
<SUP><FONT size=2 face="serif">3 </FONT></SUP><FONT size=2 face="serif">Appointed Audit Committee Member on May 25, 2004.</FONT></P>
<P>
<SUP><FONT size=2 face="serif">4 </FONT></SUP><FONT size=2 face="serif">Trustee/Director since inception; appointed Chairman of the Board on August 22, 2002.</FONT></P>
<P align="center">
<FONT size=2 face="serif">58</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="5" align=left nowrap>
      <center>
        <B><FONT size=1 face="serif">Independent Trustees (continued)</FONT></B>&nbsp;
    </center></TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD colspan=3 align=center nowrap>
<B><FONT size=1 face="serif">Interested Trustees</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9 nowrap>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">R. Glenn Hubbard</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">James Clayburn La Force, Jr.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Walter F. Mondale</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Ralph L. Schlosstein</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Robert S. Kapito</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">P.O. Box 4546</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">P.O. Box 4546</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">P.O. Box 4546</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">BlackRock, Inc.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">BlackRock, Inc.</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">New York, NY 10163-4546</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">New York, NY 10163-4546</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">New York, NY 10163-4546</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">40 East 52nd Street</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">40 East 52nd Street</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 <FONT size=1 face="serif">Age: 46</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 <FONT size=1 face="serif">Age:</FONT> &nbsp;<FONT size=1 face="serif">75</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 <FONT size=1 face="serif">Age:</FONT> <FONT size=1 face="serif">76</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">New York, NY 10022</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">New York, NY 10022</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Age: 53</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 <FONT size=1 face="serif">Age:</FONT><FONT size=1 face="serif">47</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 nowrap>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Trustee</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Trustee</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Trustee</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Chairman of the Board</FONT><SUP><FONT size=1 face="serif">4</FONT></SUP>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">President and Trustee</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 nowrap>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since November 16,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since inception</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since inception</FONT><SUP><FONT size=1 face="serif">7</FONT></SUP>&nbsp;
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since inception</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">3 years</FONT><SUP><FONT size=1 face="serif">5 </FONT></SUP><FONT size=1 face="serif">/ since August 22,</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">2004</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">2002</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 nowrap>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Dean of Columbia Business</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Dean Emeritus of the John E.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Senior Counsel, Dorsey &amp;</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Director since 1999 and</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Vice Chairman of BlackRock,</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">School since July 1, 2004.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Anderson Graduate School of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Whitney, LLP, a law firm</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">President of BlackRock, Inc.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Inc. Head of the Portfolio</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Columbia faculty member since</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Management, University of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">(January 2004-present);</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">since its formation in 1998 and</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Management Group. Also a</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">1988. Co-director of Columbia</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">California since July 1, 1993.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Partner, Dorsey &amp; Whitney,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">of BlackRock, Inc.&#146;s</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">member of the Management</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Business School&#146;s Entrepreneur-</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Acting Dean of the School of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">LLP, (December 1996-</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">predecessor entities since 1988.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Committee, the Investment</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">ship Program 1994-1997.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Business, Hong Kong</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">December 2003, September</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Member of the Management</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Strategy Group, the Fixed</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Visiting professor at Harvard&#146;s</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">University of Science and</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">1987-August 1993). Formerly</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Committee and Investment</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Income and Global Operating</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Kennedy School of Government</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Technology 1990-1993. From</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">U.S. Ambassador to Japan</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Strategy Group of BlackRock,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Committees and the Equity</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">and Harvard Business School,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">1978 to September 1993,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">(1993-1996). Formerly Vice</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Inc. Formerly, Managing</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Investment Strategy Group.</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">as well as the University of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Dean of the John E. Anderson</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">President of the United States,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Director of Lehman Brothers,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Responsible for the portfolio</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Chicago. Visiting scholar at the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Graduate School of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">U.S. Senator and Attorney</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Inc. and Co-head of its</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">management of the Fixed</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">American Enterprise Institute in</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Management, University of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">General of the State of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Mortgage and Savings</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Income, Domestic Equity and</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Washington and member of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">California.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Minnesota. 1984 Democratic</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Institutions Group. Chairman</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">International Equity, Liquidity,</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">International Advisory Board of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Nominee for President of the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">and President of the BlackRock</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">and Alternative Investment</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">the MBA Program of Ben-</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">United States.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Liquidity Funds and Director of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Groups of BlackRock.</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Gurion University. Deputy</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">several of BlackRock&#146;s</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">assistant secretary of the U.S.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">alternative investment vehicles.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Treasury Department for Tax</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Policy 1991-1993. Chairman of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">the U.S. Council of Economic</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Advisers under the President of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">the United States 2001 &#150; 2003.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=9 nowrap>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">52</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">52</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">52</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">62</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">52</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 nowrap>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Director of ADP, Dex Media,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Payden &amp; Rygel Investment</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Director of United Health</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Member of the Visiting Board</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Chairman of the Hope and</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">KKR Financial Corporation,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Trust, Metzler-Payden</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Foundation and the Japan</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">of Overseers of the John F.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Heroes Children&#146;s Cancer</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">and Ripplewood Holdings.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Investment Trust, Advisors</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Society. Member of the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Kennedy School of Government</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Fund. President of the Board</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Formerly on the advisory</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Series Trust, Arena</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Hubert H. Humphrey Institute</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">at Harvard University, a</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">of Directors of the Periwinkle</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">boards of the Congressional</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Pharmaceuticals, Inc. and</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">of Public Affairs Advisory</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">member of the board of the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">National Theatre for Young</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Budget Office, the Council on</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">CancerVax Corporation.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Board, The Mike and Maureen</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Financial Institutions Center of</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Audiences. Director of</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Competitiveness, the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Mansfield Foundation, Dean&#146;s</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">The Wharton School of the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">icruise.com, Corp.</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">American Council on Capital</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Board of Visitors of the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">University of Pennsylvania, a</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Formation, the Tax Foundation</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Medical School at the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">trustee of the American</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">and the Center for Addiction</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">University of Minnesota, and</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Museum of Natural History, a</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">and Substance Abuse. Trustee</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">the Mayo Foundation</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">trustee of Trinity School in New</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">of Fifth Avenue Presbyterian</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Advisory Council to the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">York City, a member of the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="serif">Church of New York.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">President.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Board of Advisors of Marujupu</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">LLC, and a trustee of New</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Visions for Public Education</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">and of The Public Theater in</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">New York City. Formerly, a</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">director of Pulte Corporation,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">the nation&#146;s largest homebuilder,</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">a Trustee of Denison University</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">and a member of Fannie Mae&#146;s</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
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	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Advisory Council.</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=9 nowrap>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
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	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Director and President of the</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">Director and Vice Chairman</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD nowrap>&nbsp;
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	<TD align=left nowrap>
<FONT size=1 face="serif">Advisor</FONT>
	</TD>
	<TD nowrap>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="serif">of the Advisor.</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><HR noshade size=1></TD>
  </TR>
</TABLE>
<BR>
<P>
<SUP><FONT size=2 face="serif">5 </FONT></SUP><FONT size=2 face="serif">The Board is classified into three classes of which one class is elected annually. Each Trustee/Director serves a three-year term concurrent with the class from which he is
elected.</FONT></P>
<P>
<SUP><FONT size=2 face="serif">6 </FONT></SUP><FONT size=2 face="serif">For the Investment Quality Trusts appointed Director/Trustee on 08/11/94.</FONT></P>
<P>
<SUP><FONT size=2 face="serif">7 </FONT></SUP><FONT size=2 face="serif">Except during the periods 08/12/93 through 04/15/97 and 10/31/02 through 11/11/02 for all of the Trusts.</FONT></P>
<P align="center">
<FONT size=2 face="serif">59</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<center>
  <B><FONT face="serif">DIVIDEND REINVESTMENT PLANS</FONT></B><BR>
  <HR noshade align="center" width="100%" size=1>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to each Trust&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), common shareholders are automatically enrolled to have all distributions of dividends and capital gains
  reinvested by EquiServe Trust Company, N.A. (the &#147;Plan Agent&#148;) in the respective Trust&#146;s shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and
  mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent.</FONT></div>
</center>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After an Investment Quality Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants&#146; account, by the purchase
of outstanding shares on the open market, on the Trust&#146;s primary exchange or elsewhere (&#147;open market purchases&#148;). The Investment Quality Trusts will not issue any new shares under the Plan.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After an Income Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants&#146; account, depending upon the
circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (&#147;newly issued shares&#148;) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share
(&#147;NAV&#148;) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as &#147;market premium&#148;), the Plan Agent will invest the dividend amount in newly issued shares
on behalf of the participants. The number of newly issued shares to be credited to each participant&#146;s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is
less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus
estimated brokerage commissions (such condition being referred to herein as &#147;market discount&#148;), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Participants in the Plan may withdraw from the Plan upon written notice to the Plan Agent and will receive certificates for whole Trust shares and a cash payment for any fraction of a Trust
share.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Plan Agent&#146;s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage
commissions incurred with respect to the Plan Agent&#146;s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any
Federal income tax that may be payable on such dividends or distributions.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan, however, each Trust reserves the right to amend the Plan to include
a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $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>
<center>
  <B><FONT face="serif">ADDITIONAL INFORMATION</FONT></B> &nbsp;&nbsp;&nbsp;&nbsp;
</center>
<HR noshade align="center" width="100%" size=1>
<P>&nbsp;<FONT size=2 face="serif">On August 25, 2004, BlackRock, Inc., the parent of BlackRock Advisors, Inc., the Trusts&#146; investment advisor, entered into an agreement with MetLife, Inc.</FONT><SUP><FONT size=2
face="serif">&reg; </FONT></SUP><FONT size=2 face="serif">to acquire SSRM Holdings, Inc., the parent of State Street Research &amp; Management Company, the investment advisor to the State Street Research mutual funds. Management believes there will
  be no impact to the Trusts as a result of this transaction.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are required by the Internal Revenue Code to advise you within 60 days of a Trust&#146;s tax year-end as to the Federal tax status of dividends and distributions paid by the Trusts during
such tax year. Accordingly, during the tax year-ended October 31, 2004, all dividends paid by all of the Trusts (excluding New York Income, which has a July 31st, tax year end) were federally tax-exempt interest dividends with the exception of
California Investment Quality and Florida Investment Quality which had Long Term Capital Gain distributions of $52,167 and $280,521, respectively.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Quarterly performance and other information regarding the Trusts may be found on BlackRock&#146;s website, which can be accessed at http://www.blackrock.com/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">60</FONT></P>

<HR noshade align="center" width="100%" size=4>

<PAGE>


<P>
<FONT size=6 face="serif">BlackRock Closed-End Funds</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Trustees</FONT>
	</TD>
	<TD width=47% align=left>
<FONT face="serif">Transfer Agent</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Ralph L. Schlosstein, </FONT><I><FONT size=2 face="serif">Chairman</FONT></I>&nbsp;
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">EquiServe Trust Company, N.A.</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Andrew F. Brimmer</FONT>
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">250 Royall Street</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Richard E. Cavanagh</FONT>
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Canton, MA 02021</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Kent Dixon</FONT>
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">(800)</FONT> <FONT size=2 face="serif">699-1BFM</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Frank J. Fabozzi</FONT>
	</TD>
	<TD width=47% align=left>
<FONT face="serif">Auction Agent</FONT><SUP><FONT face="serif">2</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">R. Glenn Hubbard</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Bank of New York</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Robert S. Kapito</FONT>
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">100 Church Street, 8th Floor</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT>
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10286</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Walter F. Mondale</FONT>
	</TD>
	<TD width=47% align=left>
<FONT face="serif">Auction Agent</FONT><SUP><FONT face="serif">3</FONT></SUP>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Officers</FONT>
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deutsche Bank Trust Company Americas</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Robert S. Kapito, </FONT><I><FONT size=2 face="serif">President</FONT></I>&nbsp;
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">60 Wall Street, 27th Floor</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Henry Gabbay, </FONT><I><FONT size=2 face="serif">Treasurer</FONT></I>&nbsp;
	</TD>
	<TD width=47% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10005</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Bartholomew Battista, </FONT><I><FONT size=2 face="serif">Chief Compliance Officer</FONT></I>&nbsp;
	</TD>
	<TD width=47% align=left>
<FONT face="serif">Independent Registered Public Accounting Firm</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Anne Ackerley, </FONT><I><FONT size=2 face="serif">Vice President</FONT></I>&nbsp;
	</TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deloitte &amp; Touche LLP</FONT>

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Kevin M. Klingert, </FONT><I><FONT size=2 face="serif">Vice President</FONT></I>&nbsp;

	</TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">200 Berkeley Street</FONT>
 </TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Richard M. Shea, </FONT><I><FONT size=2 face="serif">Vice President/Tax</FONT></I>&nbsp;
 </TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Boston, MA 02116</FONT>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">James Kong, </FONT><I><FONT size=2 face="serif">Assistant Treasurer</FONT></I>&nbsp; </TD>
	<TD width=47% align=left><FONT face="serif">Legal Counsel</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Vincent B. Tritto, </FONT><I><FONT size=2 face="serif">Secretary</FONT></I>&nbsp; </TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Skadden, Arps, Slate, Meagher &amp; Flom LLP</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Brian P. Kindelan, </FONT><I><FONT size=2 face="serif">Assistant Secretary</FONT></I>&nbsp; </TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Four Times Square</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><FONT face="serif">Investment Advisor</FONT> </TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10036</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Advisors, Inc.</FONT> </TD>
	<TD width=47% align=left><FONT face="serif">Legal Counsel &#150; Independent Trustees</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">100 Bellevue Parkway</FONT> </TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Debevoise &amp; Plimpton LLP</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Wilmington, DE 19809</FONT> </TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">919 Third Avenue</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">(800) 227-7BFM</FONT> </TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10022</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><FONT face="serif">Sub-Advisor</FONT><SUP><FONT face="serif">2</FONT></SUP>&nbsp; </TD>
	<TD width=47% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BlackRock Financial Management, Inc.</FONT> </TD>
	<TD width=47% align=left nowrap>&nbsp; &nbsp;<FONT size=2 face="serif">This report is for shareholder information. This is not a prospec-</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">40 East 52nd Street</FONT> </TD>
	<TD width=47% align=center><div align="left"><FONT size=2 face="serif">tus intended for use in the purchase or sale of Trust shares.</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">New York, NY 10022</FONT> </TD>
	<TD width=47% align=center><div align="left"><FONT size=2 face="serif">Statements and other information contained in this report are as</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><FONT face="serif">Accounting Agent and Custodian</FONT> </TD>
	<TD width=47% align=left><FONT size=2 face="serif">dated and are subject to change.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">State Street Bank and Trust Company</FONT> </TD>
	<TD width=47% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">225 Franklin Street</FONT> </TD>
	<TD width=47% align=left><FONT size=2 face="serif">BlackRock Closed-End Funds</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Boston, MA 02110</FONT> </TD>
	<TD width=47% align=left><FONT size=2 face="serif">c/o BlackRock Advisors, Inc.</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD align=left><HR noshade align="center" width="100%" size=1></TD>
	<TD align=left>&nbsp;</TD>
	<TD width=47% align=left><FONT size=2 face="serif">100 Bellevue Parkway</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><FONT size=1 face="serif"><SUP>1</SUP> Appointed November 16, 2004.</FONT> </TD>
	<TD width=47% align=left><FONT size=2 face="serif">Wilmington, DE 19809</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><FONT size=1 face="serif"><SUP>2</SUP> For the Income Trusts.</FONT> </TD>
	<TD width=47% align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">227-7BFM</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><FONT size=1 face="serif"><SUP>3</SUP> For the Investment Quality Trusts.</FONT> </TD>
	<TD width=47% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=47% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;
 </TD>
	<TD width=47% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=19% align=left>&nbsp;</TD>
	<TD width=34% align=left>&nbsp;</TD>
	<TD width=47% align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called
&#147;householding&#148; and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the
mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)699-1BFM.</FONT></P>
<P>
<FONT size=2 face="serif">The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor&#146;s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies
and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the &#147;Commission&#148;) at http://www.sec.gov.</FONT></P>
<P>
<FONT size=2 face="serif">Information on how proxies relating to the Trusts&#146; voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available, upon request, by calling (800) 699-1BFM or on
the website of the Commission at http://www.sec.gov.</FONT></P>
<P>
<FONT size=2 face="serif">The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust&#146;s Form N-Q will be available on the
Commission&#146;s website at http://www.sec.gov. Each Trust&#146;s Form N-Q, when available, may be reviewed and copied at the Commission&#146;s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330. Each Trust&#146;s Form N-Q, when available, may also be obtained, upon request, by calling (800) 699-1BFM.</FONT></P>

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<PAGE>


<table width="100%"  border="0">
  <tr>
    <td width="25%"><FONT size=1 face="sans-serif">This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.</FONT></td>
    <td width="56%">&nbsp;</td>
    <td width="19%"><img src="c34666_ncsrx64x1.jpg" width="197" height="33" border=0></td>
  </tr>
</table>
<BR>
<BR>
<FONT size=1 face="sans-serif">CEF-ANN-1</FONT><BR>

<HR noshade align="center" width="100%" size=4>
<PAGE>

<P>
<B><FONT face="serif">Item 2. Code of Ethics.</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">(a) 	The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
functions. </FONT>
</P>
<P>
<FONT face="serif">(b) Not applicable.</FONT>
<P>
<FONT face="serif">(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. </FONT>
</P>
<P>
<FONT face="serif">(d) 	The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. </FONT>
</P>
<P>
<FONT face="serif">(e) Not applicable.</FONT>
<P>
<FONT face="serif">(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.</FONT></P>
<P>
<B><FONT face="serif">Item 3. Audit Committee Financial Expert.</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">The Registrant's Board of Trustees has determined that it has two audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer and Mr. Kent Dixon. Under
applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result
of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater
than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification. </FONT>
</P>
<P>
<B><FONT face="serif">Item 4. Principal Accountant Fees and Services. </FONT></B>
</P>
<P>
<FONT face="serif">(a) </FONT><U><FONT face="serif">Audit Fees</FONT></U><FONT
face="serif">. The aggregate fees billed for each of the last two fiscal years
for professional services rendered by the principal accountant for the audit of
the Registrant's annual financial statements or services that are normally
provided by the accountant in connection with statutory and regulatory filings
or engagements for those fiscal years were $26,500 for the fiscal year ended
October 31, 2004 and $30,900 for the fiscal year ended October 31, 2003. </FONT>
</P>
<P>
<FONT face="serif">(b) 	</FONT><U><FONT face="serif">Audit-Related Fees</FONT></U><FONT face="serif">. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably
related to the performance of the audit of the Registrant&#146;s financial statements and are not</FONT>
</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_3"></A>

<P>
<FONT face="serif">reported above in Item 4(a) were $2,500 for the fiscal year
ended October 31, 2004 and $6,200 for the fiscal year ended October 31, 2003.
The nature of these services was attest services not required by statute or
regulation, overhead and out-of-pocket expenses.</FONT>
<P>
<FONT face="serif">(c) <U>Tax Fees</U>. The aggregate fees billed in each of the
last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice and tax planning were $8,600 for the
fiscal year ended October 31, 2004 and $10,700 for the fiscal year ended October
31, 2003. The nature of these services was federal, state and local income and
excise tax return preparation and related advice and planning and miscellaneous
tax advice.</FONT>
<P>
<FONT face="serif">(d) <U>All Other Fees</U>. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant,
other than the services reported above in Items 4(a) through (c).</FONT>
<P>
<FONT face="serif">(e) <U>Audit Committee Pre-Approval Policies and Procedures</U></FONT>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is
defined in the Policy) provided by the Trust's independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless
the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit
Committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time,
modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.</FONT>

<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and
non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Trust to be provided by the Independent Auditor to any Covered
Entity, "Covered Entities" means (1) the Advisor or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Trust.</FONT>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the
intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions
under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if
any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services
pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the</FONT>

<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_4"></A>

<P>
<FONT face="serif">Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service
Pre-Approval Documents.  Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority). </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated
authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Trust not listed in the Service Pre-Approval Document for the
respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority.)</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related
to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by
the Independent Auditor.  Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to
delegated authority). </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Audit Committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor&#146;s
independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the
tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically
pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority). </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant
to delegated authority). </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the
Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the
rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC.  A request or application submitted to the Chairman between scheduled meetings of
the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee. </FONT>
</P>
<P align="center">
<FONT face="serif"> </FONT>
</P>

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<PAGE>
<A name="page_5"></A>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation
S-X.
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f) Not applicable.</FONT>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g) The aggregate non-audit
fees billed by the Trust's accountant for services rendered to the Trust, the
Advisor (except for any sub-adviser whose role is primarily portfolio management
and is subcontracted with or overseen by another investment adviser) or any
entity controlling, controlled by, or under common control with the Advisor that
provides ongoing services to the registrant that directly impacted the Trust for
each of the last two fiscal years were $11,100 for the fiscal year ended October
31, 2004 and $16,900 for the fiscal year ended October 31, 2003.</FONT>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h) Not applicable.</FONT>
<P>
<FONT face="serif"><B>Item 5. Audit Committee of Listed Registrants.</B></FONT>
<P>
<FONT face="serif">The Registrant has a separately-designated standing audit committee established in accordance with Section
3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank Fabozzi.</FONT>
<P>
<FONT face="serif"><B>Item 6. Schedule of Investments.</B></FONT>
<P>
<FONT face="serif">The Registrant&#146;s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this
form.</FONT>
<P>
<FONT face="serif"><B>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></FONT>
<P>
<FONT face="serif">The Registrant has delegated the voting of proxies
relating to its voting securities to its investment advisor, BlackRock Advisors, Inc. (the "Advisor") and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and
Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.</FONT>
<P>
<FONT face="serif"><B>Item 8. Portfolio Managers of Closed-End Management Investment Companies</B></FONT>
<P>
<FONT face="serif">Not applicable.</FONT>
<P>
<FONT face="serif"><B>Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.</B></FONT>
<P>
<FONT face="serif">Not applicable.</FONT>
<P>
<FONT face="serif"><B>Item 10. Submission of Matters to a Vote of Security Holders.</B></FONT>
<P>
<FONT face="serif">Not applicable.</FONT>
<P>
<FONT face="serif"><B>Item 11. Controls and Procedures.</B></FONT>
<P>
<FONT face="serif"></FONT>

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<PAGE>
<A name="page_6"></A>

<P>
<FONT face="serif">(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures as of a date within 90 days of this
filing and have concluded that the Registrant&#146;s disclosure controls and procedures are effective, as of such date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized,
and reported timely.</FONT>
<P>
<FONT face="serif">(b) The Registrant's principal executive officer and principal financial officer are aware of no changes in the Registrant's internal control over financial reporting that occurred
during the Registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.</FONT>
<P>
<FONT face="serif"><B>Item 12. Exhibits.</B></FONT>
<P>
<FONT face="serif">(a)(1) Code of Ethics attached as EX-99.CODE ETH.</FONT>
<P>
<FONT face="serif">(a)(2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.</FONT>
<P>
<FONT face="serif">(a)(3) Not applicable.</FONT>
<P>
<FONT face="serif">(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.</FONT>
<P>
<FONT face="serif">Proxy Voting Policies attached as EX-99.PROXYPOL.</FONT>

<P align="center">&nbsp;
</P>

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<PAGE>
<A name="page_7"></A>

<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">&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>
<P>
<FONT face="serif">(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock New York Municipal Income Trust
<P>
<FONT face="serif">By: /s/ Henry Gabbay<br>
_______________________________________________________________<br>
Name: Henry Gabbay <br>
Title: Treasurer <br>
Date: January 4, 2005</FONT>
</P>
<P>
<FONT face="serif">&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>

<P>
<FONT face="serif">By: /s/ Robert S. Kapito<br>
_______________________________________________________________<br>
Name: Robert S. Kapito <br>
Title: Principal Executive Officer <br>
Date: January 4, 2005</FONT>
</P>
<P>
<FONT face="serif">By: /s/ Henry Gabbay<br>
_______________________________________________________________<br>
Name: Henry Gabbay <br>
Title: Principal Financial Officer <br>
Date: January 4, 2005</FONT>
</P>
<P align="center">
<FONT face="serif"></FONT>
</P>
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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>5
<FILENAME>c34666_ex99codeeth.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 FINAL//EN">


<HTML>
<HEAD>
   <TITLE>c33871_code</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="center">
<B><FONT face="serif">JOINT CODE OF ETHICS<br>
FOR<br>
CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS<br>
OF<br>
THE BLACKROCK CLOSED-END FUNDS </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">AS ADOPTED BY THE BOARDS OF TRUSTEES/DIRECTORS<br>
MAY 2003 </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Each BlackRock Closed-End Fund (each a &#147;Trust&#148; and, collectively, the <U>&#147;Trusts</U>&#148;)<SUP>1</SUP> is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise
- -- in compliance with applicable law. This Code of Ethics, applicable to the Trust&#146;s Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, <U>&#147;Senior</U></FONT><FONT face="serif"><u> Officers</u>&#148;), sets forth policies to guide you in the performance of your duties. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating
a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in
the future serve as Senior Officers of each of the Trusts, as officers or employees of the Trust&#146;s investment advisor (the </FONT><U><FONT face="serif">&#147;Advisor</FONT></U><FONT face="serif">&#148;) and/or affiliates of the Trust&#146;s
investment advisor (collectively with the Advisor, </FONT><U><FONT face="serif">&#147;BlackRock</FONT></U><FONT face="serif">&#148;) and as officers or trustees/directors of other registered investment companies and unregistered investment funds
advised by BlackRock. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Trust or BlackRock govern your conduct in connection with many of the conflict of interest
situations that arise in connection with the operations of the Trust, including: </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>  </TR>
</TABLE>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="5%"><hr noshade size=1></TD>
    <TD width="93%">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD width="2%"><FONT size=1 face="serif">1</FONT></TD>
    <TD colspan="2"><FONT size=2 face="serif">This Joint Code of Ethics for Chief Executive and Senior Financial Officers has been adopted by</FONT></TD>
  </TR>
  <TR valign="top">
    <TD width="2%">&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">the Board of Trustees/Directors for each Trust. Solely for the sake of clarity and simplicity, this</FONT></TD>
  </TR>
  <TR valign="top">
    <TD width="2%">&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">Joint Code of Ethics has been drafted as if there is a single Trust, a single Governance Committee</FONT></TD>
  </TR>
  <TR valign="top">
    <TD width="2%">&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">and a single Board of Trustees/Directors. The terms &#147;Trustees,&#148; &#147;Independent Trustees&#148; and</FONT></TD>
  </TR>
  <TR valign="top">
    <TD width="2%">&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">&#147;Governance Committee&#148; mean the Trustees, the Independent Trustees and the Governance</FONT></TD>
  </TR>
  <TR valign="top">
    <TD width="2%">&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">Committee of each Trust, respectively, unless the context otherwise requires. The Trustees, the</FONT></TD>
  </TR>
  <TR valign="top">
    <TD width="2%">&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">Independent Trustees and the Governance Committee of each Trust, however, shall act separately</FONT></TD>
  </TR>
  <TR valign="top">
    <TD width="2%">&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">and in the best interests of its respective Trust.</FONT></TD>
  </TR>
</TABLE>
<p></p><HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_2"></A>

<table width="100%"  border="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td width="88%" valign="top"><font face="serif">the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the <u>&#147;1940 Act</u>&#148;); </font> </td>
    <td width="1%">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td valign="top"><font face="serif">the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the <u><font face="serif">&#147;Advisers Act</font></u><font face="serif">&#148;); </font></font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td valign="top"><font face="serif">the Code of Ethics adopted by the Trust and the other Trusts pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the </font><u><font face="serif">&#147;Trust&#146;s 1940 Act</font><font face="serif"> Code of Ethics</font></u><font face="serif">&#148;); </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td valign="top"><font face="serif">one or more codes of ethics adopted by BlackRock that have been reviewed and approved by those trustees/directors (the <u>&#147;Trustees</u>&#148;) of the Trust that are not &#147;interested persons&#148; of the Trust (the <u>&#147;Independent Trustees</u>&#148;) within the meaning of the 1940 Act (the <u>&#147;BlackRock&#146;s 1940</u></font><font face="serif"><u> Act Code of Ethics</u>&#148; and, together with the Trust&#146;s 1940 Act Code of Ethics, the <u>&#147;1940 Act Codes of Ethics</u>&#148;); </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td valign="top"><font face="serif">the policies and procedures adopted by the Trust and the other Trusts to address conflict of interest situations, such as procedures under Rule 10f-3 and Rule 17a-7 under the 1940 Act (collectively, the <u>&#147;Trust Policies</u>&#148;); and </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td valign="top"><font face="serif">BlackRock's general policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the
    <u><font face="serif">&#147;BlackRock Policies</font></u><font face="serif">&#148;). </font> </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>


<P>
<FONT face="serif">The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Trust Policies and the BlackRock Policies are referred to herein collectively as the </FONT>
<u>&#147;Additional Conflict Rules</u><FONT face="serif">&#148;. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not
to be a violation of this Code of Ethics, unless and until the Governance Committee of the Trustees (the <u>&#147;Governance Committee</u>&#148;) shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of
Ethics. </FONT>
</P>
<P>
<B><FONT face="serif">Senior Officers Should Act Honestly and Candidly </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Each Senior Officer has a responsibility to the Trust to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent
with integrity. </FONT>
</P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Senior Officer must: </FONT>
</P>
<P align="center">
<FONT face="serif">2</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_3"></A>

<table width="100%"  border="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td width="91%" valign="top"><font face="serif">act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules; </font> </td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&#149;</td>
    <td valign="top"><font face="serif">comply with the laws, rules and regulations that govern the conduct of the Trust&#146;s operations and report any suspected violations thereof in accordance with the section below entitled &#147;Compliance With Code Of Ethics&#148;; and </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&#149;</td>
    <td valign="top"><font face="serif">adhere to a high standard of business ethics. </font> </td>
    <td>&nbsp;</td>
  </tr>
</table>
<P>
<B><FONT face="serif">Conflicts Of Interest</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Trust. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Trust, keeping in mind that Senior Officers are subject to certain inherent conflicts of
interest because Senior Officers of a Trust also are or may be officers of other Trusts, BlackRock and other funds advised or serviced by BlackRock (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the
Additional Conflict Rules). </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">You are required to conduct the business of the Trust in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business
relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to the
Trust where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of the Trust, you should make full disclosure of all relevant facts and circumstances to
the general counsel of BlackRock (the <U>&#147;General</U></FONT><FONT face="serif"><u> Counsel</u>&#148;) and obtain the approval of the General Counsel prior to taking action.</FONT><SUP><FONT face="serif"> </FONT></SUP>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Some conflict of interest situations that should always be approved by the General Counsel, if material, include the following: </FONT>
</P>
<P>
<table width="100%"  border="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td width="90%" valign="top"><FONT face="serif">the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which the Trust has current or prospective business dealings (other than BlackRock), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; </FONT>  </td>
    <td width="2%">&nbsp;</td>
  </tr>
</table>
<p></P>
<P align="center">
<FONT face="serif">3</FONT>
</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_4"></A>

<table width="100%"  border="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td width="90%" valign="top"><font face="serif">any ownership interest in, or any consulting or employment relationship with, any of the Trust&#146;s service providers, other than BlackRock; or </font> </td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td valign="top"><font face="serif">a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by BlackRock, such as compensation or equity ownership. </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P>
<B><FONT face="serif">Disclosures </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">It is the policy of the Trust to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Trust
files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Trust. As a Senior Officer, you are required to promote compliance with this policy and to abide
by the Trust&#146;s standards, policies and procedures designed to promote compliance with this policy.  </FONT>
</P>
<table width="100%"  border="0">
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><P> <FONT face="serif">Each Senior Officer must: </FONT> </P></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td width="84%" valign="top"><font face="serif">familiarize himself or herself with the disclosure requirements applicable to the Trust as well as the business and financial operations of the Trust; and </font> </td>
    <td width="6%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td valign="top"><font face="serif">not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, including to the Trustees, the Trust&#146;s independent auditors, the Trust&#146;s counsel, counsel to the Independent Trustees, governmental regulators or self-regulatory organizations. </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P>
<B><FONT face="serif">Compliance With Code Of Ethics </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Trust, you must report that information on a timely basis to the
General Counsel or report it anonymously by following the &#147;whistle blower&#148; policies adopted by BlackRock from time to time. </FONT><I><FONT face="serif">No one will be subject to retaliation because of a good faith report of a suspected
violation</FONT></I><FONT face="serif">. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Trust will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics: </FONT>
</P>
<table width="100%"  border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td width="85%" valign="top"><font face="sans-serif"></font><font face="serif">the General Counsel will take all appropriate action to investigate any actual or potential violations reported to him or her; </font> </td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&#149;</td>
    <td valign="top"><font face="sans-serif"></font><font face="serif">violations and potential violations will be reported to the Governance Committee after such investigation; </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center">
<FONT face="serif">4</FONT>
</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_5"></A>

<table width="100%"  border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td width="85%" valign="top"><font face="serif">if the Governance Committee determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and </font> </td>
    <td width="4%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td valign="top">&#149;</td>
    <td valign="top"><font face="serif">appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities. </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P>
<B><FONT face="serif">Waivers Of Code Of Ethics </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Except as otherwise provided in this Code of Ethics, the General Counsel is responsible for applying this Code of Ethics to specific situations in which questions are presented to the General Counsel
and has the authority to interpret this Code of Ethics in any particular situation. The General Counsel shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.
</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The General Counsel is authorized to consult, as appropriate, with the chair of the Governance Committee and with counsel to the Trust, BlackRock or the Independent Trustees, and is encouraged to do
so. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Governance Committee is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form
N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.</FONT>
</P>
<P>
<B><FONT face="serif">Recordkeeping </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Trust will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or
materials supplied to the Governance Committee: </FONT>
</P>
<table width="100%"  border="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149;</td>
    <td width="84%" valign="top"><font face="serif">that provided the basis for any amendment or waiver to this Code of Ethics; and </font> </td>
    <td width="6%">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&#149;</td>
    <td valign="top"><font face="serif">relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the Governance Committee. </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P>
<B><FONT face="serif">Confidentiality </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law
or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Trustees and their counsel, the Trust and its counsel, BlackRock and its counsel and any other advisors, consultants or counsel retained by the
Trustees, the Independent Trustees or any committee of the Trustees. </FONT>
</P>
<P align="center">
<FONT face="serif">5 </FONT>
</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_6"></A>

<P>
<B><FONT face="serif">Amendments </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Code of Ethics may not be amended except in written form, which is specifically approved by a majority vote of the Trustees, including a majority of the Independent Trustees. </FONT>
</P>
<P>
<B><FONT face="serif">No Rights Created </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Trust's business. It is not intended to and
does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity. </FONT>
</P>
<P align="center">
<FONT face="serif">6</FONT>
</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_7"></A>

<P align="center">
<FONT face="serif">ACKNOWLEDGMENT FORM </FONT>
</P>
<P>
<FONT face="serif">I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's
related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the General Counsel or report it anonymously by following the &#147;whistle blower&#148; policies
adopted by BlackRock from time to time. </FONT>
</P>
<p></p><TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD><hr noshade align="left" width=50% size=1></TD>
</TR>
<TR>
  <TD width="50%">&nbsp;</TD>
   <TD width="50%"><FONT face="serif">Printed Name</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><hr noshade align="left" width=50% size=1></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT face="serif">Signature</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><hr noshade align="left" width=50% size=1></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT face="serif">Date</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT face="serif">7</FONT>
</P>
<P>&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>6
<FILENAME>c34666_ex99cert.htm
<TEXT>

<html>
<head>
<title>Untitled Document</title>
</head>

<body>


<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B>
</P>
<P>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P>
<FONT face="serif">I, Robert Kapito, certify that: </FONT>
</P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-CSR of BlackRock New York Municipal Income Trust; </FONT>
</P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT>
</P>
<P>
<FONT face="serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT>
</P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant
and have: </FONT>
</P>
<P>
<FONT face="serif">a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT>
</P>
<P>
<FONT face="serif">b)</FONT><FONT size=2 face="sans-serif"></FONT><FONT face="serif"> Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT>
</P>
<P>
<FONT face="serif">c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant'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's internal control over financial reporting; and </FONT>
</P>
<P>
<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT>
</P>
<P align="center">&nbsp;

</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_9"></A>

<P>
<FONT face="serif">a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT>
</P>
<P>
<FONT face="serif">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT>
</P>
<P>
<FONT face="serif">Date: January 4, 2005</FONT>
</P>
<table width="100%"  border="0">
  <tr>
    <td width="39%">&nbsp;</td>
    <td width="25%"><font face="serif">/s/ Robert S. Kapito</font></td>
    <td width="36%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif">Robert S. Kapito</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif">Principal Executive Officer</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P>
<FONT face="serif"><br>
<br>
<br>
</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_10"></A>

<P>
<B><FONT face="serif">EX-99.CERT </FONT></B>
</P>
<P>
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B>
</P>
<P>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P>
<FONT face="serif">I, Henry Gabbay, certify that: </FONT>
</P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-CSR of BlackRock New York Municipal Income Trust; </FONT>
</P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT>
</P>
<P>
<FONT face="serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT>
</P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant
and have: </FONT>
</P>
<P>
<FONT face="serif">a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT>
</P>
<P>
<FONT face="serif">b) </FONT><FONT size=2 face="sans-serif"></FONT><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT>
</P>
<P>
<FONT face="serif">c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant'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's internal control over financial reporting; and </FONT>
</P>
<P>
<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT>
</P>
<P align="center">&nbsp;
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_11"></A>

<P>
<FONT face="serif">a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT>
</P>
<P>
<FONT face="serif">b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT>
</P>
<P>
<FONT face="serif">Date: January 4, 2005</FONT>
</P>
<table width="100%"  border="0">
  <tr>
    <td width="37%">&nbsp;</td>
    <td width="27%"><font face="serif">/s/ Henry Gabbay</font></td>
    <td width="36%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif">Henry Gabbay</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif">Principal Financial Officer </font> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P>
<FONT face="serif"><br>
<br>
<br>
</FONT></P>
<P align="center">&nbsp;

</P>

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</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>7
<FILENAME>c34666_ex99-906cert.htm
<TEXT>

<html>
<head>
<title>Untitled Document</title>
</head>

<body>
<P>
<B><U><FONT face="serif">SECTION 906 CERTIFICATION</FONT></U></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">Pursuant to 18 U.S.C. &sect; 1350, the undersigned officers of BlackRock New York Municipal Income Trust (the "Company"), hereby certifies, to the best of their knowledge, that the Company's Report on Form N-CSR for the
period ended October 31, 2004, (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. </FONT>
</P>
<P>
<FONT face="serif">Dated: January 4, 2005</FONT>
</P>
<p></p><P>
<FONT face="serif">/s/ Robert S. Kapito<br>
___________________________________________<br>
Name: Robert S. Kapito<br>
Title: Principal Executive Officer</FONT>
</P>
<p></p><P>
<FONT face="serif">/s/ Henry Gabbay<br>
____________________________________________<br>
Name: Henry Gabbay </FONT>
<br>
Title: Principal Financial Officer
</P>
<P align="center">&nbsp;
</P>

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<P align="center">&nbsp;
</P>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.PROXYPOL
<SEQUENCE>8
<FILENAME>c34666_ex99proxypol.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 FINAL//EN">


<HTML>
<HEAD>
   <TITLE>c33871_public</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="center">
<B><U><FONT face="serif">PROXY VOTING POLICY</FONT></U></B><FONT face="serif"> </FONT>
</P>
<P align="center">
<B><FONT face="serif">For </FONT></B>
</P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT face="serif">BlackRock Advisors, Inc.<br>
and Its Affiliated Registered Investment Advisers</FONT></U></B>
</P>
<P>
<U><FONT face="serif">Introduction</FONT></U><FONT face="serif"> </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Proxy Voting Policy ("Policy") for BlackRock Advisors, Inc. and its affiliated registered investment advisers ("BlackRock") reflects our duty as a fiduciary under the Investment Advisers Act of
1940 (the &#147;Advisers Act&#148;) to vote proxies in the best interests of our clients. In addition, the Department of Labor views the fiduciary act of managing ERISA plan assets to include the voting of proxies. Proxy voting decisions must be
made solely in the best interests of the pension plan&#146;s participants and beneficiaries. The Department of Labor has interpreted this requirement as prohibiting a fiduciary from subordinating the retirement income interests of participants and
beneficiaries to unrelated objectives. The guidelines in this Policy have been formulated to ensure decision-making consistent with these fiduciary responsibilities. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Any general or specific proxy voting guidelines provided by an advisory client or its designated agent in writing will supercede the specific guidelines in this Policy. BlackRock will disclose to our
advisory clients information about this Policy as well as disclose to our clients how they may obtain information on how we voted their proxies. Additionally, BlackRock will maintain proxy voting records for our advisory clients consistent with the
Advisers Act. For those of our clients that are registered investment companies, BlackRock will disclose this Policy to the shareholders of such funds and make filings with the Securities and Exchange Commission and make available to fund
shareholders the specific proxy votes that we cast in shareholder meetings of issuers of portfolio securities in accordance with the rules and regulations under the Investment Company Act of 1940.</FONT>
</P>
<P>
<FONT face="serif"> 	Registered investment companies that are advised by BlackRock as well as certain of our advisory clients may participate in securities lending programs, which may reduce or eliminate the amount of shares eligible for voting by
BlackRock in accordance with this Policy if such shares are out on loan and cannot be recalled in time for the vote. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Implicit in the initial decision to retain or invest in the security of a corporation is approval of its existing corporate ownership structure, its management, and its operations. Accordingly, proxy
proposals that would change the existing status of a corporation will be reviewed carefully and supported only when it seems clear that the proposed changes are likely to benefit the corporation and its shareholders. Notwithstanding this favorable
predisposition, management will be assessed on an ongoing basis both in terms of its business capability and its dedication to the shareholders to ensure that our continued confidence remains warranted. If it is determined that management is acting
on its own behalf instead of for the well being of the corporation, we will vote to support</FONT>
</P>
<P align="center">
<FONT size=1 face="serif"> 	</FONT><FONT face="serif">1</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_2"></A>

<P>
<FONT face="serif">shareholder proposals, unless other mitigating circumstances are present. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Additionally, situations may arise that involve an actual or perceived conflict of interest. For example, we may manage assets of a pension plan of a company whose management is soliciting proxies, or
a BlackRock employee involved with managing an account may have a close relative who serves as a director or executive of a company that is soliciting proxies regarding securities held in such account. In all cases, the manner in which we vote
proxies must be based on our clients&#146; best interests and not the product of a conflict.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Policy and its attendant recommendations attempt to generalize a complex subject. It should be clearly understood that specific fact situations, including differing voting practices in
jurisdictions outside the United States, might warrant departure from these guidelines. In such instances, the relevant facts will be considered, and if a vote contrary to these guidelines is indicated it will be cast and the reasons therefor
recorded in writing. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section I of the Policy describes proxy proposals that may be characterized as routine and lists examples of the types of proposals we would typically support.  Section II of the Policy describes
various types of non-routine proposals and provides general voting guidelines. These non-routine proposals are categorized as those involving: </FONT>
</P>
<TABLE width=50%>
<TR>
  <TD valign="top" width="20%">&nbsp;</TD>
   <TD valign="top" width="10%"><FONT face="serif">A.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD width="70%" valign="top"><FONT face="serif">Social Issues,</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="20%">&nbsp;</TD>
   <TD valign="top" width="10%"><FONT face="serif">B.</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT face="serif">Financial/Corporate Issues, and</FONT><BR></TD>
</TR>
<TR>
  <TD valign="top" width="20%">&nbsp;</TD>
   <TD valign="top" width="10%"><FONT face="serif">C.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">Shareholder Rights.</FONT><BR>   </td>
</tr>
</TABLE>
<P>
<FONT face="serif">Finally, Section III of the Policy describes the procedures to be followed in casting a vote pursuant to these guidelines. </FONT>
</P>
<P align="center">
<FONT face="serif">2</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_3"></A>

<P align="center">
<FONT face="serif">SECTION I </FONT>
</P>
<P align="center">
<U><FONT face="serif">ROUTINE MATTERS</FONT></U><FONT face="serif"> </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Routine proxy proposals, amendments, or resolutions are typically proposed by management and meet the following criteria: </FONT>
</P>
<TABLE width=100%>
<TR>
   <TD valign="top" width="5%"><FONT face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">They do not measurably change the structure, management control, or operation of the corporation.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">They are consistent with industry standards as well as the corporate laws of the state of incorporation.</FONT><BR>   </td>
</tr>
</TABLE>
<P align="center">
<U><FONT face="serif">Voting Recommendation</FONT></U><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">BlackRock will normally support the following routine proposals:</FONT>
</P>
<TABLE width=100%>
<TR>
   <TD valign="top" width="5%"><FONT face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To increase authorized common shares.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To increase authorized preferred shares as long as there are not disproportionate voting rights per preferred share.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To elect or re-elect directors.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To appoint or elect auditors.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To approve indemnification of directors and limitation of directors&#146; liability.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To establish compensation levels.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">7.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To establish employee stock purchase or ownership plans.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">8.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To set time and location of annual meeting.</FONT><BR>   </td>
</tr>
</TABLE>
<P align="center">
<FONT face="serif">3</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_4"></A>

<P align="center">
<FONT face="serif">SECTION II </FONT>
</P>
<P align="center">
<U><FONT face="serif">NON-ROUTINE PROPOSALS</FONT></U>
</P>
<p>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font face="serif">Social Issues</font></u>
<p><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposals in this category involve issues of social conscience. They are typically proposed by shareholders who believe that the corporation&#146;s internally adopted policies are ill-advised or misguided.</font>

<tr>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
</tr>

<center>
  <BR>
  <U><FONT face="serif">Voting Recommendation</FONT></U>
</center>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If we have determined that management is generally
socially responsible, we will generally vote </FONT><U><FONT face="serif">against </FONT></U><FONT face="serif">the following shareholder proposals:</FONT><BR>

<TABLE width=100%>
<TR>
   <TD valign="top" width="5%"><FONT face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To enforce restrictive energy policies.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To place arbitrary restrictions on military contracting.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To bar or place arbitrary restrictions on trade with other countries.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To restrict the marketing of controversial products.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To limit corporate political activities.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To bar or restrict charitable contributions.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">7.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To enforce a general policy regarding human rights based on arbitrary parameters.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">8.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To enforce a general policy regarding employment practices based on arbitrary parameters.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">9.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To enforce a general policy regarding animal rights based on arbitrary parameters.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">10.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To place arbitrary restrictions on environmental practices.</FONT><BR>   </td>
</tr>
</TABLE>
<p></p><FONT face="serif">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial/Corporate Issues</U></FONT>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Proposals in this category are usually offered by management and seek to change a corporation&#146;s legal, business or financial
structure.</FONT><BR>

<P align="center">
<FONT face="serif">4</FONT>
</P>

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<PAGE>
<A name="page_5"></A>

<P align="center">
<U><FONT face="serif">Voting Recommendation</FONT></U><FONT face="serif"> </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We will generally vote in favor of the following management proposals provided the position of current shareholders is preserved or enhanced: </FONT>
</P>
<TABLE width=100%>
<TR>
   <td valign="top" width="3%">&nbsp;</td>
   <TD valign="top" width="5%"><FONT face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To change the state of incorporation.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="5%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To approve mergers, acquisitions or dissolution.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="5%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To institute indenture changes.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="5%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To change capitalization.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" colspan="2"><BR></td>
</tr>
</TABLE>
<p><FONT face="serif">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholder Rights</U></FONT><P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposals in this category are made regularly both by management and shareholders. They can be generalized as involving issues that transfer or realign board or shareholder voting power. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We typically would oppose any proposal aimed solely at thwarting potential takeover offers by requiring, for example, super-majority approval. At the same time, we believe stability and continuity
promote profitability. The guidelines in this area seek to find a middle road, and they are no more than guidelines. Individual proposals may have to be carefully assessed in the context of their particular circumstances. </FONT>
</P>
<P align="center">
<U><FONT face="serif">Voting Recommendation</FONT></U><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">We will generally vote </FONT><U><FONT face="serif">for</FONT></U><FONT face="serif"> the following management proposals: </FONT>
</P>
<TABLE width=100%>
<TR>
  <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="5%"><FONT face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To require majority approval of shareholders in acquisitions of a controlling share in the corporation.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To institute staggered board of directors.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To require shareholder approval of not more than 66 2/3% for a proposed amendment to the corporation&#146;s by-laws.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To eliminate cumulative voting.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To adopt anti-greenmail charter or by-law amendments or to otherwise restrict a company&#146;s ability to make greenmail payments.</FONT><BR>   </td>
</tr>
</TABLE>
<P align="center">
<FONT face="serif">5</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_6"></A>

<TABLE width=100%>
<TR>
  <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="5%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To create a dividend reinvestment program.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">7.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To eliminate preemptive rights.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">8.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To eliminate any other plan or procedure designed primarily to discourage a takeover or other similar action (commonly known as a &#147;poison pill&#148;).</FONT><BR>   </td>
</tr>
</TABLE>
<P>
<FONT face="serif">We will generally vote </FONT><U><FONT face="serif">against</FONT></U><FONT face="serif"> the following management proposals:</FONT>
</P>
<TABLE>
<TR>
  <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="5%"><FONT face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To require greater than 66 2/3% shareholder approval for a proposed amendment to the corporation&#146;s by-laws (&#147;super-majority provisions&#148;).</FONT><BR><br>
</td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To require that an arbitrary fair price be offered to all shareholders that is derived from a fixed formula (&#147;fair price amendments&#148;).</FONT><BR><br>
</td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To authorize a new class of common stock or preferred stock which may have more votes per share than the existing common stock.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To prohibit replacement of existing members of the board of directors.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To eliminate shareholder action by written consent without a shareholder meeting.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To allow only the board of directors to call a shareholder meeting or to propose amendments to the articles of incorporation.</FONT><br>
<BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">7.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To implement any other action or procedure designed primarily to discourage a takeover or other similar action (commonly known as a &#147;poison pill&#148;).</FONT><br>
<BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">8.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To limit the ability of shareholders to nominate directors.</FONT><BR>   </td>
</tr>
</TABLE>
<P>
<FONT face="serif">We will generally vote </FONT><U><FONT face="serif">for</FONT></U><FONT face="serif"> the following shareholder proposals:</FONT>
</P>
<TABLE>
<TR>
  <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="5%"><FONT face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To rescind share purchases rights or require that they be submitted for shareholder approval, but only if the vote required for approval is not more than 66 2/3%.</FONT><br>
<BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To opt out of state anti-takeover laws deemed to be detrimental to the shareholder.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To change the state of incorporation for companies operating under the umbrella of anti-shareholder state corporation laws if another state is chosen with favorable laws in this and other areas.</FONT><br>
<BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To eliminate any other plan or procedure designed primarily to discourage a takeover or other similar action.</FONT><BR>   </td>
</tr>
</TABLE>
<P align="center">
<FONT face="serif">6</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_7"></A>

<TABLE>
<TR>
  <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="5%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To permit shareholders to participate in formulating management&#146;s proxy and the opportunity to discuss and evaluate management&#146;s director nominees, and/or to nominate shareholder nominees to the
board.</FONT><BR><br>
</td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To require that the board&#146;s audit, compensation, and/or nominating committees be comprised exclusively of independent directors.</FONT><br>
<BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">7.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To adopt anti-greenmail charter or by-law amendments or otherwise restrict a company&#146;s ability to make greenmail payments.</FONT><br>
<BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">8.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To create a dividend reinvestment program.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">9.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To recommend that votes to &#147;abstain&#148; not be considered votes &#147;cast&#148; at an annual meeting or special meeting, unless required by state law.</FONT><br>
<BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">10.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To require that &#147;golden parachutes&#148; be submitted for shareholder ratification.</FONT><BR>   </td>
</tr>
</TABLE>
<P>
<FONT face="serif">We will generally vote </FONT><U><FONT face="serif">against</FONT></U><FONT face="serif"> the following shareholder proposals:</FONT>
</P>
<TABLE width=100%>
<TR>
  <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="5%"><FONT face="serif">1.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">To restore preemptive rights.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To restore cumulative voting.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To require annual election of directors or to specify tenure.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To eliminate a staggered board of directors.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To require confidential voting.</FONT><BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To require directors to own a minimum amount of company stock in order to qualify as a director or to remain on the board.</FONT><br>
<BR></td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">7.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><FONT face="serif">To dock director pay for failing to attend board meetings.</FONT><BR>   </td>
</tr>
</TABLE>
<P align="center">
<FONT face="serif">7</FONT>
</P>

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<PAGE>
<A name="page_8"></A>

<P align="center">
<FONT face="serif">SECTION III </FONT>
</P>
<P align="center">
<U><FONT face="serif">VOTING PROCESS</FONT></U><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock has engaged a third-party service provider to assist us in the voting of proxies. These guidelines have been provided to this service provider, who then analyzes all proxy solicitations we receive for our clients and
makes recommendations to us as to how, based upon our guidelines, the relevant votes should be cast. These recommendations are set out in a report that is provided to the relevant Portfolio Management Group team, who must approve the proxy vote in
writing and return such written approval to the Operations Group. If any authorized member of a Portfolio Management Group team desires to vote in a manner that differs from the recommendations, the reason for such differing vote shall be noted in
the written approval form. A copy of the written approval form is attached as an exhibit. The head of each relevant Portfolio Management Group team is responsible for making sure that proxies are voted in a timely manner. The Brokerage Allocation
Committee shall receive regular reports of all proxy votes cast to review how proxies have been voted, including reviewing votes that differ from recommendations made by our third-party service provider and votes that may have involved a potential
conflict of interest. The Committee shall also review these guidelines from time to time to determine their continued appropriateness and whether any changes to the guidelines or the proxy voting process should be made. </FONT>
</P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF THERE IS ANY POSSIBILITY THAT THE VOTE MAY INVOLVE A MATERIAL CONFLICT OF INTEREST BECAUSE, FOR EXAMPLE, THE ISSUER SOLICITING THE VOTE IS A BLACKROCK CLIENT OR THE MATTER BEING VOTED ON INVOLVES BLACKROCK, PNC OR ANY
AFFILIATE (INCLUDING A PORTFOLIO MANAGEMENT GROUP EMPLOYEE) OF EITHER OF THEM, PRIOR TO APPROVING SUCH VOTE, THE BROKERAGE ALLOCATION COMMITTEE MUST BE CONSULTED AND THE MATTER DISCUSSED. The Committee, in consultation with the Legal and Compliance
Department, shall determine whether the potential conflict is material and if so, the appropriate method to resolve such conflict, based on the particular facts and circumstances, the importance of the proxy issue, whether the Portfolio Management
Group team is proposing a vote that differs from recommendations made by our third-party service provider with respect to the issue and the nature of the conflict, so as to ensure that the voting of the proxy is not affected by the potential
conflict.  If the conflict is determined not to be material, the relevant Portfolio Management Group team shall vote the proxy in accordance with this Policy. Determinations of the Committee with respect to votes involving material conflicts of
interest shall be documented in writing and maintained for a period of at least six years. </FONT>
</P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to votes in connection with securities held on a particular record date but sold from a client account prior to the holding of the related meeting, BlackRock may take no action on proposals to be voted on in such
meeting. </FONT>
</P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to voting proxies of non-U.S. companies, a number of logistical problems may arise that may have a detrimental effect on BlackRock&#146;s ability to vote such proxies in the best interests of our clients.  These
problems include, but are not limited to, (i) untimely and/or</FONT>
</P>
<P align="center">
<FONT face="serif">8 </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
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<FONT face="serif">inadequate notice of shareholder meetings, (ii) restrictions on the ability of holders outside the issuer's jurisdiction of organization to exercise votes, (iii) requirements to vote proxies in person, if not practicable, (iv) the
imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting, and (v) impracticable or inappropriate requirements to provide local agents with power of attorney to facilitate the voting
instructions. Accordingly, BlackRock may determine not to vote proxies if it believes that the restrictions or other detriments associated with such vote outweigh the benefits that will be derived by voting on the company's proposal. </FONT>
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<FONT face="serif"> 	</FONT><B><FONT face="serif">* 	* 	* 	* 	*</FONT></B><FONT face="serif"> </FONT>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Any questions regarding this Policy may be directed to the General Counsel of BlackRock. <br>
<br>
Approved: October 21, 1998 <br>
<br>
Revised: May 27, 2003 </FONT>
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<FONT face="serif">9</FONT>
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