BLACKROCK MUNICIPAL INCOME TRUST

Regulatory Filings • Jul 8, 2005

N-CSRS 1 c37388_ncsrs.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10339

BlackRock Municipal Income Trust (Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE	19809
(Address of principal executive offices)	(Zip code)

Robert S. Kapito, President

BlackRock Municipal Income Trust

40 East 52nd Street, New York, NY 10022 (Name and address of agent for service)

Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: October 31, 2005
Date of reporting period: April 30, 2005

Item 1. Reports to Shareholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS

BlackRock Closed-End Funds Semi-Annual Report

APRIL 30, 2005 (Unaudited)

BlackRock Investment Quality Municipal Trust (BKN)
BlackRock Municipal Income Trust (BFK)
BlackRock California Investment Quality Municipal Trust (RAA)
BlackRock California Municipal Income Trust (BFZ)
BlackRock Florida Investment Quality Municipal Trust (RFA)
BlackRock Florida Municipal Income Trust (BBF)
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock New York Investment Quality Municipal Trust (RNY)
BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TABLE OF CONTENTS
Letter to Shareholders	1
Trusts’ Summaries	2
Portfolios of Investments	12
Financial Statements
Statements of Assets and Liabilities	36
Statements of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	44
Notes to Financial Statements	54
Dividend Reinvestment Plans	60
Additional Information	60

Privacy Principles of the Trusts

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.

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).

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.

LETTER TO SHAREHOLDERS

April 30, 2005

Dear Shareholder:

We are pleased to report that during the semi-annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.

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.

The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2005.

	Current	Tax- — Equivalent	Closing — Market
Trust
(Ticker)	Yield 1	Yield 1	Price	NAV
BlackRock
Investment Quality Municipal Trust (BKN)	5.93 %	9.12 %	$ 15.41	$ 15.85
BlackRock
Municipal Income Trust (BFK)	6.72	10.34	14.49	14.85
BlackRock
California Investment Quality Municipal Trust
(RAA)	5.95	9.15	14.25	14.53
BlackRock
California Municipal Income Trust (BFZ)	6.49	9.98	14.06	15.27
BlackRock
Florida Investment Quality Municipal Trust
(RFA)	5.94	9.14	14.30	14.79
BlackRock
Florida Municipal Income Trust (BBF)	6.11	9.40	14.80	15.66
BlackRock
New Jersey Investment Quality Municipal Trust
(RNJ)	5.56	8.55	14.50	14.78
BlackRock
New Jersey Municipal Income Trust (BNJ)	6.16	9.48	14.62	15.92
BlackRock
New York Investment Quality Municipal Trust
(RNY)	6.24	9.60	14.07	15.35
BlackRock
New York Municipal Income Trust (BNY)	6.23	9.58	14.52	15.52
1 Yields
are based on closing market price. Tax-equivalent
yield assumes the maximum Federal tax rate
of 35%.

BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of March 31, 2005, BlackRock managed over $30 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manages the Trusts, are wholly owned subsidiaries of BlackRock.

On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.

Sincerely,

●	●
Laurence D. Fink	Ralph L. Schlosstein
Chief Executive Officer	President
BlackRock Advisors, Inc.	BlackRock Advisors, Inc.

1

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock Investment Quality Municipal Trust (BKN)

Trust Information
Symbol on New York Stock Exchange:	BKN
Initial Offering Date:	February 19, 1993
Closing Market Price as of 4/30/05:	$15.41
Net Asset Value as of 4/30/05:	$15.85
Yield on Closing Market Price as of 4/30/05 ($15.41): 1	5.93 %
Current Monthly Distribution per Common Share: 2	$0.076189
Current Annualized Distribution per Common Share: 2	$0.914268
Leverage as of 4/30/05: 3	36 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change	High	Low
Market Price	$15.41	$15.12	1.92%	$16.38	$14.31
NAV	$15.85	$15.71	0.89%	$16.06	$15.53

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
City, County & State	25 %	18 %
Hospital	12	11
Transportation	11	8
Education	10	11
Industrial & Pollution Control	9	13
Power	7	8
Tobacco	7	3
Housing	6	7
Lease Revenue	6	12
Tax Revenue	4	6
Water & Sewer	3	3
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	49 %	44 %
AA/Aa	5	6
A	15	19
BBB/Baa	15	21
BB/Ba	7	2
B	1	—
Not Rated	8	8

4 Using the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating.

2

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock Municipal Income Trust (BFK)

Trust Information
Symbol on New York Stock Exchange:	BFK
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/05:	$14.49
Net Asset Value as of 4/30/05:	$14.85
Yield on Closing Market Price as of 4/30/05 ($14.49): 1	6.72 %
Current Monthly Distribution per Common Share: 2	$0.081125
Current Annualized Distribution per Common Share: 2	$0.973500
Leverage as of 4/30/05: 3	37 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change	High	Low
Market Price	$14.49	$14.05	3.13%	$14.94	$13.59
NAV	$14.85	$14.26	4.14%	$14.98	$14.10

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
Hospital	25 %	23 %
Industrial & Pollution Control	19	19
City, County & State	13	13
Housing	11	12
Transportation	11	8
Tobacco	9	4
Tax Revenue	4	3
Education	4	6
Lease Revenue	2	7
Power	1	1
Water & Sewer	1	4
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	19 %	19 %
AA/Aa	4	4
A	31	32
BBB/Baa	25	32
BB/Ba	7	2
B	5	4
Not Rated	9	7
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

3

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock California Investment Quality Municipal Trust (RAA)

Trust Information
Symbol on American Stock Exchange:	RAA
Initial Offering Date:	May 28, 1993
Closing Market Price as of 4/30/05:	$14.25
Net Asset Value as of 4/30/05:	$14.53
Yield on Closing Market Price as of 4/30/05 ($14.25): 1	5.95 %
Current Monthly Distribution per Common Share: 2	$0.0706
Current Annualized Distribution per Common Share: 2	$0.8472
Leverage as of 4/30/05: 3	34 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change		High	Low
Market Price	$14.25	$14.30	(0.35	)%	$14.95	$13.76
NAV	$14.53	$14.43	0.69	%	$14.65	$14.30

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
City, County & State	25 %	24 %
Transportation	16	14
Lease Revenue	15	24
Tobacco	13	10
Education	11	11
Industrial & Pollution Control	10	8
Power	7	7
Water & Sewer	3	2
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	33 %	36 %
AA/Aa	8	7
A	18	18
BBB/Baa	20	22
B	7	5
Not Rated	14	12
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

4

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock California Municipal Income Trust (BFZ)

Trust Information
Symbol on New York Stock Exchange:	BFZ
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/05:	$14.06
Net Asset Value as of 4/30/05:	$15.27
Yield on Closing Market Price as of 4/30/05 ($14.06): 1	6.49 %
Current Monthly Distribution per Common Share: 2	$0.076074
Current Annualized Distribution per Common Share: 2	$0.912888
Leverage as of 4/30/05: 3	37 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change	High	Low
Market Price	$14.06	$13.65	3.00 %	$14.45	$13.27
NAV	$15.27	$14.77	3.39 %	$15.43	$14.62

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
City, County & State	21 %	22 %
Transportation	13	12
Housing	13	13
Hospital	12	9
Education	10	10
Lease Revenue	9	14
Tobacco	7	11
Power	7	7
Water & Sewer	5	—
Industrial & Pollution Control	3	2
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	34 %	28 %
AA/Aa	3	3
A	31	33
BBB/Baa	20	24
B	1	1
Not Rated 5	11	11

| 4 Using
the higher of S&P’s, Moody’s or Fitch’s rating. |
| --- |
| 5 The investment
advisor has deemed certain of these non-rated securities
to be of investment grade quality. As of April
30, 2005 and October 31, 2004, the market value
of these securities was $8,165,617, representing 2.3%, and $8,107,293, representing 2.3%,
respectively, of the Trust’s long-term investments. |

5

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock Florida Investment Quality Municipal Trust (RFA)

Trust Information
Symbol on American Stock Exchange:	RFA
Initial Offering Date:	May 28, 1993
Closing Market Price as of 4/30/05:	$14.30
Net Asset Value as of 4/30/05:	$14.79
Yield on Closing Market Price as of 4/30/05 ($14.30): 1	5.94 %
Current Monthly Distribution per Common Share: 2	$0.070781
Current Annualized Distribution per Common Share: 2	$0.849372
Leverage as of 4/30/05: 3	34 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. 2 The distribution is not constant and is subject to change. 3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/3005	10/31/04	Change		High	Low
Market Price	$14.30	$14.30	0.00	%	$15.55	$13.90
NAV	$14.79	$15.02	(1.53	)%	$15.01	$14.66

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
City, County & State	20 %	14 %
Tax Revenue	19	20
Education	15	16
Transportation	15	16
Hospital	12	12
Lease Revenue	8	10
Power	5	6
Housing	5	5
Water & Sewer	1	1
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	56 %	61 %
A	13	11
BBB/Baa	16	16
BB/Ba	3	3
Not Rated	12	9
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

6

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock Florida Municipal Income Trust (BBF)

Trust Information
Symbol on New York Stock Exchange:	BBF
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/05:	$14.80
Net Asset Value as of 4/30/05:	$15.66
Yield on Closing Market Price as of 4/30/05 ($14.80): 1	6.11 %
Current Monthly Distribution per Common Share: 2	$0.075375
Current Annualized Distribution per Common Share: 2	$0.904500
Leverage as of 4/30/05: 3	36 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. 2 The distribution is not constant and is subject to change. 3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change	High	Low
Market Price	$14.80	$14.40	2.78 %	$15.11	$13.88
NAV	$15.66	$15.27	2.55 %	$15.76	$15.13

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
City, County & State	35 %	34 %
Hospital	20	19
Water & Sewer	9	8
Education	7	7
Tax Revenue	6	6
Housing	6	6
Lease Revenue	5	5
Power	4	8
Tobacco	4	3
Transportation	3	3
Industrial & Pollution Control	1	1
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	26 %	22 %
AA/Aa	34	40
A	9	9
BBB/Baa	14	13
BB/Ba	2	2
Not Rated 5	15	14

| 4 Using
the higher of S&P’s, Moody’s or Fitch’s rating. |
| --- |
| 5 The investment
advisor has deemed certain of these non-rated securities to be of investment
grade quality. As of April 30, 2005 and October 31, 2004, the market
value of these securities was $3,765,543, representing 2.4%,
and $1,745,869, representing 1.1%, respectively, of the Trust’s long-term
investments. |

7

TRUST SUMMARIES (unaudited) APRIL 30, 2005

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information
Symbol on American Stock Exchange:	RNJ
Initial Offering Date:	May 28, 1993
Closing Market Price as of 4/30/05:	$14.50
Net Asset Value as of 4/30/05:	$14.78
Yield on Closing Market Price as of 4/30/05 ($14.50): 1	5.56 %
Current Monthly Distribution per Common Share: 2	$0.067148
Current Annualized Distribution per Common Share: 2	$0.805776
Leverage as of 4/30/05: 3	34 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. 2 The distribution is not constant and is subject to change. 3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change		High	Low
Market Price	$14.50	$15.00	(3.33	)%	$15.38	$13.81
NAV	$14.78	$14.79	(0.07	)%	$14.98	$14.63

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
Transportation	34 %	34 %
Hospital	11	11
Housing	11	11
City, County & State	9	6
Industrial & Pollution Control	7	6
Water & Sewer	6	6
Tax Revenue	6	5
Education	6	11
Resource Recovery	5	5
Tobacco	5	5
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	56 %	56 %
AA/Aa	6	11
A	11	11
BBB/Baa	19	18
B	4	4
Not Rated	4	—
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

8

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock New Jersey Municipal Income Trust (BNJ)

Trust Information
Symbol on New York Stock Exchange:	BNJ
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/05:	$14.62
Net Asset Value as of 4/30/05:	$15.92
Yield on Closing Market Price as of 4/30/05 ($14.62): 1	6.16 %
Current Monthly Distribution per Common Share: 2	$0.075108
Current Annualized Distribution per Common Share: 2	$0.901296
Leverage as of 4/30/05: 3	35 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. 2 The distribution is not constant and is subject to change. 3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change	High	Low
Market Price	$14.62	$14.45	1.18 %	$15.14	$14.05
NAV	$15.92	$15.38	3.51 %	$16.06	$15.25

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
Hospital	23 %	23 %
Housing	17	19
City, County & State	14	12
Transportation	11	11
Lease Revenue	11	11
Tobacco	7	9
Tax Revenue	6	5
Industrial & Pollution Control	6	5
Education	5	5
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	24 %	25 %
AA/Aa	5	—
A	24	29
BBB/Baa	41	44
B	3	2
Not Rated	3	—
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

9

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock New York Investment Quality Municipal Trust (RNY)

Trust Information
Symbol on American Stock Exchange:	RNY
Initial Offering Date:	May 28, 1993
Closing Market Price as of 4/30/05:	$14.07
Net Asset Value as of 4/30/05:	$15.35
Yield on Closing Market Price as of 4/30/05 ($14.07): 1	6.24 %
Current Monthly Distribution per Common Share: 2	$0.073125
Current Annualized Distribution per Common Share: 2	$0.877500
Leverage as of 4/30/05: 3	33 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. 2 The distribution is not constant and is subject to change. 3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change		High	Low
Market Price	$14.07	$14.50	(2.97	)%	$14.70	$13.59
NAV	$15.35	$15.35	0.00	%	$15.56	$15.12

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfo lio Composition

Sector	April 30, 2005	October 31, 2004
Education	18 %	20 %
City, County & State	17	18
Tax Revenue	15	13
Water & Sewer	14	12
Industrial & Pollution Control	11	11
Lease Revenue	8	8
Housing	7	8
Hospital	4	4
Transportation	4	4
Tobacco	2	2
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	44 %	31 %
AA/Aa	22	33
A	20	21
BBB/Baa	6	6
BB/Ba	4	5
Caa	4	4
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

10

TRUST SUMMARIES (unaudited) APRIL 30, 2005 BlackRock New York Municipal Income Trust (BNY)

Trust Information
Symbol on New York Stock Exchange:	BNY
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/05:	$14.52
Net Asset Value as of 4/30/05:	$15.52
Yield on Closing Market Price as of 4/30/05 ($14.52): 1	6.23 %
Current Monthly Distribution per Common Share: 2	$0.075339
Current Annualized Distribution per Common Share: 2	$0.904068
Leverage as of 4/30/05: 3	36 %

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. 2 The distribution is not constant and is subject to change. 3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05	10/31/04	Change	High	Low
Market Price	$14.52	$13.99	3.79 %	$14.77	$13.80
NAV	$15.52	$15.28	1.57 %	$15.61	$15.13

The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:

Portfolio Composition

Sector	April 30, 2005	October 31, 2004
Transportation	17 %	17 %
Housing	15	14
Industrial & Pollution Control	13	12
Lease Revenue	13	13
Tobacco	12	10
Water & Sewer	10	4
Education	8	12
Hospital	5	5
City, County & State	5	6
Tax Revenue	2	7
Credit Quality Allocations 4
Credit Rating	April 30, 2005	October 31, 2004
AAA/Aaa	28 %	24 %
AA/Aa	15	19
A	21	26
BBB/Baa	32	27
BB/Ba	—	1
CCC/Caa	3	3
Not Rated	1	—
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

11

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock Investment Quality Municipal Trust (BKN)

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

See Notes to Financial Statements.

12

BlackRock Investment Quality Municipal Trust (BKN) (continued)

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

See Notes to Financial Statements.

13

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal
	Amount			Option
Call
Rating 1	(000)		Description	Provisions 2	Value
			North
Carolina—2.1%
AAA	$ 5,000		Eastn.
Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%,
1/01/08, CAPMAC	No
Opt. Call	$	5,504,400
			Ohio—3.8%
			Cuyahoga
Cnty., Cleveland Clinic Hlth. Sys. Proj.,
A+	3,485		6.00%,
1/01/20	07/13	@ 100	3,965,895
Aa3	5,000		6.00%,
1/01/21	07/13	@ 100	5,682,500
AAA	290		Cuyahoga
Cnty. Port Auth., Port Dev. Proj., 6.00%, 3/01/07	ETM		301,986
						9,950,381
			Oklahoma—1.1%
B-	2,900		Tulsa
Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35	No
Opt. Call		2,987,725
			Oregon—1.1%
BB+	2,930		Klamath
Falls Elec., Klamath Cogen Proj., 5.50%, 1/01/07	No
Opt. Call		2,978,521
			Pennsylvania—8.3%
			Econ.
Dev. Fin. Auth.,
A3	2,000		Amtrak
Proj., Ser. A, 6.25%, 11/01/31	05/11	@ 102	2,077,860
A3	3,100		Amtrak
Proj., Ser. A, 6.375%, 11/01/41	05/11	@ 102	3,217,459
BB-	8,235		Exempt
Facs. Rev., Reliant Energy Conv. Proj., Ser.
A, 6.75%, 12/01/36	12/09	@ 103	8,890,423
A	2,750	3	Higher
Edl. Fac. Auth., Univ. of Pennsylvania Hlth.
Svcs. Proj., Ser. A, 5.875%, 1/01/06	N/A		2,834,425
AAA	4,000		Intergovtl.
Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog.,
5.50%, 6/15/20, FGIC	06/06	@ 100	4,115,280
			McKeesport
Area Sch. Dist., FGIC,
AAA	870		Zero
Coupon, 10/01/31	ETM		243,069
AAA	2,435		Zero
Coupon, 10/01/31	No
Opt. Call		659,155
						22,037,671
			Rhode
Island—0.8%
AAA	2,000		Hlth. & Edl.
Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA	05/07	@ 102	2,115,400
			South
Carolina—2.6%
			Jobs
Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto
Hlth. Alliance Proj.,
BBB+	2,185		Ser.
A, 6.25%, 8/01/31	08/13	@ 100	2,378,220
BBB+	4,000		Ser.
C, 6.875%, 8/01/27	08/13	@ 100	4,550,360
						6,928,580
			Tennessee—2.0%
AAA	4,865		Memphis
Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24,
AMBAC	03/10	@ 102	5,352,716
			Texas—15.4%
Ba3	6,320		Affordable
Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26	11/11	@ 102	5,313,793
BBB	4,300		Brazos
River Auth., PCR, TXU Elec. Co. Proj., Ser.
C, 6.75%, 10/01/38	10/13	@ 102	4,698,524
AAA	6,000		Grapevine,
GO, 5.875%, 8/15/24, FGIC	08/10	@ 100	6,721,140
AAA	5,000		Harris
Cnty. Houston Sports Auth., Ser. A, Zero Coupon,
11/15/38, MBIA	11/30	@ 61.166	816,500
AAA	8,375		Humble
Indpt. Sch. Dist., Sch. Bldg., Ser. B, 5.00%,
2/15/30, FGIC	02/15	@ 100	8,722,981
AAA	9,495		La
Joya Indpt. Sch. Dist., 5.00%, 2/15/34	02/14	@ 100	9,863,501
AAA	15,000		Tpke.
Auth., Central Sys. Rev., Zero Coupon, 8/15/31,
AMBAC	08/12	@ 32.807	3,406,800
AA+	1,000		Wtr.
Fin. Asst., GO, 5.75%, 8/01/22	08/10	@ 100	1,111,390
						40,654,629
			Utah—1.2%
			Intermountain
Pwr. Agcy., Pwr. Sply. Rev.,
AAA	1,950		5.00%,
7/01/13, AMBAC	ETM		1,958,600
A+	1,145		Ser.
B, 5.00%, 7/01/16	ETM		1,148,698
						3,107,298
			Washington—7.3%
AAA	13,395		Pub.
Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11,
MBIA	07/06	@ 102	14,082,164
			Washington,
GO,
Aa1	4,000		Ser.
A, 5.375%, 7/01/21	07/06	@ 100	4,064,600
Aa1	1,000		Ser.
B, 6.00%, 1/01/25	01/10	@ 100	1,113,820
						19,260,584
			Wisconsin—1.4%
A-	3,220		Hlth. & Edl.
Facs. Auth., Aurora Hlth. Care Proj., 6.40%,
4/15/33	04/13	@ 100	3,568,179
			Total
Long-Term Investments (cost $375,683,834)			401,392,286

See Notes to Financial Statements.

14

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal
	Amount
Rating 1	(000)		Description	Value
			SHORT-TERM
INVESTMENTS—4.9%
			Florida—1.5%
A-1+	$ 3,885	6	Jacksonville
Hlth. Facs. Hosp., Variable Baptist Med. Ctr.
Proj., 3.00%, 5/02/05, FRDD	$ 3,885,000
			Maryland—0.4%
A-1+	975	6	Hlth. & Higher
Edl. Facs. Auth., Pooled Ln. Prog. Proj., Ser.
D, 2.98%, 5/05/05, FRWD	975,000
			New
Jersey—0.1%
A-1+	300	6	Sports & Expo.
Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD	300,000
			New
York—1.0%
A-1+	2,600	6	New
York City Transl. Fin. Auth., Ser. A-1, 3.04%,
5/04/05, FRWD	2,600,000
			Ohio—1.8%
VMIG1	4,800	6	Univ.
of Akron, 2.99%, 5/03/05, FGIC, FRWD	4,800,000
			Puerto
Rico—0.1%
A-1	400	6	Gov’t.
Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD	400,000
			Total
Short-Term Investments (cost $12,960,000)	12,960,000
			Total
Investments—156.5% (cost $388,643,834)	$ 414,352,286
			Liabilities
in excess of other assets—(1.1)%	(2,913,293	)
			Preferred
shares at redemption value, including dividends
payable—(55.4)%	(146,616,510	)
			Net
Assets Applicable to Common Shareholders—100%	$ 264,822,483

| 1 Using
the higher of S&P’s, Moody’s or Fitch’s rating. |
| --- |
| 2 Date
(month/year) and price of the earliest optional call or redemption. There may
be other call provisions at varying prices at later dates. |
| 3 This
bond is prefunded. U.S. government securities, held in escrow, are used to pay
interest on this security, as well as retire the bond in full at the date indicated,
typically at a premium to par. |
| 4 Security
exempt from registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, to qualified
institutional investors. As of April 30, 2005, the Trust held 4.7% of its net
assets, with a current market value of $12,500,020, in securities restricted
as to resale. |
| 5 Entire
or partial principal amount pledged as collateral for financial futures contracts. |
| 6 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. |

KEY TO ABBREVIATIONS — AMBAC	—	American Municipal Bond Assurance Corporation	FRWD	—	Floating Rate Weekly Demand
CAPMAC	—	Capital Markets Assurance Company	FSA	—	Financial Security Assurance
ETM	—	Escrowed to Maturity	GO	—	General Obligation
FGIC	—	Financial Guaranty Insurance Company	MBIA	—	Municipal Bond Insurance Association
FRDD	—	Floating Rate Daily Demand	PCR	—	Pollution Control Revenue

See Notes to Financial Statements.

15

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock Municipal Income Trust (BFK)

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

16

BlackRock Municipal Income Trust (BFK) (continued)

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

See Notes to Financial Statements.

17

BlackRock Municipal Income Trust (BFK) (continued)

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

See Notes to Financial Statements.

18

BlackRock Municipal Income Trust (BFK) (continued)

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

See Notes to Financial Statements.

19

BlackRock Municipal Income Trust (BFK) (continued)

Shares — (000)	Description	Value
	Money
Market Fund—0.4%
2,850	AIM
Tax Free Investment Co. Cash Reserve Portfolio	$ 2,850,000
	Total
Short-Term Investments (cost $42,485,000)	42,485,000
	Total
Investments—155.8% (cost $956,613,449)	$ 1,008,197,047
	Other
assets in excess of liabilities—2.2%	14,387,447
	Preferred
shares at redemption value, including dividends
payable—(58.0)%	(375,230,635	)
	Net
Assets Applicable to Common Shareholders—100%	$ 647,353,859

| 1 | Using the higher
of S&P’s, Moody’s or Fitch’s
rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 4 | Security exempt
from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold
in transactions exempt from registration to
qualified institutional investors. As of April
30, 2005, the Trust held 7.2% of its net assets,
with a current market value of $46,515,285,
in securities restricted as to resale. |
| 5 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |
| 6 | 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. |

| KEY
TO ABBREVIATIONS — ACA | — | American
Capital Access | FSA | — | Financial
Security Assurance |
| --- | --- | --- | --- | --- | --- |
| AMBAC | — | American
Municipal Bond Assurance Corporation | GO | — | General
Obligation |
| FGIC | — | Financial
Guaranty Insurance Company | MBIA | — | Municipal
Bond Insurance Association |
| FRDD | — | Floating
Rate Daily Demand | PCR | — | Pollution
Control Revenue |
| FRWD | — | Floating
Rate Weekly Demand | | | |

See Notes to Financial Statements.

20

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock California Investment Quality Municipal Trust (RAA)

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

See Notes to Financial Statements.

21

BlackRock California Investment Quality Municipal Trust (RAA) (continued)

Shares — (000)	Description	Value
	Money
Market Fund—2.0%
300	AIM
Tax Free Investment Co. Cash Reserve Portfolio	$ 300,000
	Total
Short-Term Investments (cost $6,735,000)	6,735,000
	Total
Investments—146.8% (cost $20,519,098)	$ 21,479,918
	Other
assets in excess of liabilities—4.5%	651,467
	Preferred
shares at redemption value, including dividends
payable—(51.3)%	(7,501,111	)
	Net
Assets Applicable to Common Shareholders—100%	$ 14,630,274

| 1 | Using the higher
of S&P’s, Moody’s or Fitch’s
rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |
| 4 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 5 | 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. |

| KEY
TO ABBREVIATIONS — AMBAC | — | American
Municipal Bond Assurance Corporation | FSA | — | Financial
Security Assurance |
| --- | --- | --- | --- | --- | --- |
| COP | — | Certificate
of Participation | GO | — | General
Obligation |
| FGIC | — | Financial
Guaranty Insurance Company | MBIA | — | Municipal
Bond Insurance Association |
| FRDD | — | Floating
Rate Daily Demand | | | |

See Notes to Financial Statements.

22

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock California Municipal Income Trust (BFZ)

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

See Notes to Financial Statements.

23

BlackRock California Municipal Income Trust (BFZ) (continued)

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

| 1 | Using the higher
of S&P’s, Moody’s or Fitch’s
rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 4 | Security is deemed
to be of investment grade quality by the investment
advisor. |
| 5 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |
| 6 | Security exempt
from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold
in transactions exempt from registration to
qualified institutional investors. As of April
30, 2005, the Trust held 9.8% of its net assets,
with a current market value of $22,451,500,
in securities restricted as to resale. |

| KEY
TO ABBREVIATIONS — AMBAC | — | American
Municipal Bond Assurance Corporation | FSA | — | Financial
Security Assurance |
| --- | --- | --- | --- | --- | --- |
| COP | — | Certificate
of Participation | GO | — | General
Obligation |
| ETM | — | Escrowed
to Maturity | MBIA | — | Municipal
Bond Insurance Association |
| FGIC | — | Financial
Guaranty Insurance Company | XLCA | — | XL Capital
Assurance |

See Notes to Financial Statements.

24

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock Florida Investment Quality Municipal Trust (RFA)

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

See Notes to Financial Statements.

25

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock Florida Investment Quality Municipal Trust (RFA)

Shares — (000)	Description	Value
	Money
Market Funds—6.6%
800	AIM
Tax Free Investment Co. Cash Reserve Portfolio	$ 800,000
300	SSgA
Tax Free Money Mkt. Fund	300,000
		1,100,000
	Total
Short-Term Investments (cost $4,150,000)	4,150,000
	Total
Investments—146.9% (cost $23,258,397)	$ 24,473,328
	Other
assets in excess of liabilities—4.1%	693,229
	Preferred
shares at redemption value, including dividends
payable—(51.0)%	(8,501,444	)
	Net
Assets Applicable to Common Shareholders—100%	$ 16,665,113

| 1 | Using
the higher of S&P’s, Moody's or Fitch's
rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |
| 4 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 5 | 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. |

| KEY
TO ABBREVIATIONS — AMBAC | — | American
Municipal Bond Assurance Corporation | FRWD | — | Floating
Rate Weekly Demand |
| --- | --- | --- | --- | --- | --- |
| COP | — | Certificate
of Participation | FSA | — | Financial
Security Assurance |
| ETM | — | Escrowed
to Maturity | GO | — | General
Obligation |
| FGIC | — | Financial
Guaranty Insurance Company | MBIA | — | Municipal
Bond Insurance Association |
| FRDD | — | Floating
Rate Daily Demand | | | |

See Notes to Financial Statements.

26

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock Florida Municipal Income Trust (BBF)

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

See Notes to Financial Statements.

27

BlackRock Florida Municipal Income Trust (BBF) (continued)

Shares — (000)	Description	Value
	Money
Market Fund—0.5%
500	AIM
Tax Free Investment Co. Cash Reserve Portfolio	$ 500,000
	Total
Short-Term Investments (cost $4,600,000)	4,600,000
	Total
Investments—153.0% (cost $150,842,431)	$ 159,221,428
	Other
assets in excess of liabilities—2.3%	2,441,285
	Preferred
shares at redemption value, including dividends
payable—(55.3)%	(57,565,772	)
	Net
Assets Applicable to Common Shareholders—100%	$ 104,096,941

| 1 | Using
the higher of S&P’s, Moody’s
or Fitch’s rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 4 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |
| 5 | Security is deemed
to be of investment grade quality by the investment
advisor. |
| 6 | 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. |

| KEY
TO ABBREVIATIONS — ACA | — | American
Capital Access | FSA | — | Financial
Security Assurance |
| --- | --- | --- | --- | --- | --- |
| AMBAC | — | American
Municipal Bond Assurance Corporation | GO | — | General
Obligation |
| COP | — | Certificate
of Participation | MBIA | — | Municipal
Bond Insurance Association |
| ETM | — | Escrowed
to Maturity | PCR | — | Pollution
Control Revenue |
| FGIC | — | Financial
Guaranty Insurance Company | RAA | — | Radian
Asset Assurance |
| FRDD | — | Floating
Rate Daily Demand | | | |

See Notes to Financial Statements.

28

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

	Principal
	Amount			Option
Call
Rating 1	(000)		Description	Provisions 2		Value
			LONG-TERM
INVESTMENTS—127.5%
			Multi-State—7.2%
A3	$ 1,000	3	Charter
Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49	06/09	@ 100	$ 1,074,550
			New
Jersey—113.3%
AAA	1,000		Delaware
River Port Auth. of PA & NJ, 5.75%, 1/01/26,
FSA	01/10	@ 100	1,107,670
			Econ.
Dev. Auth.,
BBB	1,000		Cigarette
Tax Rev., 5.75%, 6/15/34	06/14	@ 100	1,049,320
B	925		Continental
Airlines, Inc. Proj., 7.00%, 11/15/30	11/10	@ 101	819,901
BBB	500		Sld.
Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%,
6/01/15	No
Opt. Call		523,325
AAA	900		Transp.
Proj., Ser. A, 5.75%, 5/01/10, FSA	No
Opt. Call		1,006,866
AAA	1,000	4	Edl.
Fac. Auth., Rowan Coll. Proj., Ser. E, 5.875%,
7/01/06, AMBAC	N/A		1,045,860
AAA	1,000	4	Essex
Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%,
4/01/06, FSA	N/A		1,046,270
			Hlth.
Care Fac. Fin. Auth.,
A	1,000		Hackensack
Univ. Med. Ctr. Proj., 6.00%, 1/01/25	01/10	@ 101	1,063,530
AAA	1,000		St.
Josephs Hosp. & Med. Ctr. Proj., 5.75%,
7/01/16, CONNIE LEE	07/06	@ 102	1,049,650
			Middlesex
Cnty. Impvt. Auth.
NR	750		Heldrich
Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37	01/15	@ 100	739,882
Baa1	1,000		Student
Hsg. Proj., Ser. A, 5.00%, 8/15/35	08/14	@ 100	1,008,050
AAA	1,000		Passaic
Valley Sewage Com., Swr. Sys., GO, Ser. E,
5.75%, 12/01/21, AMBAC	12/09	@ 101	1,121,790
AA-	1,000		Port
Auth. of NY & NJ, 5.75%, 12/15/20	06/05	@ 101	1,013,600
BBB	1,000		Tobacco
Settlement Fin. Corp., 6.125%, 6/01/42	06/12	@ 100	1,006,960
			Tpke.
Auth., Ser. C, AMBAC,
AAA	785		6.50%,
1/01/16	ETM		946,365
AAA	215		6.50%,
1/01/16	No
Opt. Call		261,040
			Trans.
Auth. Trust Fund, Trans. Sys. Rev., Ser. B,
MBIA,
AAA	1,000	4	5.50%,
6/15/05	N/A		1,023,650
AAA	1,000	4	5.75%,
6/15/05	N/A		1,023,930
						16,857,659
			Puerto
Rico—7.0%
AAA	1,000	4,5	Puerto
Rico, 5.40%, 7/01/06, FSA	N/A		1,045,910
			Total
Long-Term Investments (cost $17,785,920)			18,978,119
			SHORT-TERM
INVESTMENTS—20.1%
			New
Jersey—20.1%
			Edl.
Fac. Auth., Princeton Univ. Proj.,
A-1+	700	6	Ser.
F, 2.80%, 5/02/05, FRDD	N/A		700,000
A-1+	300	6	Ser.
B, 2.96%, 5/02/05, FRDD	N/A		300,000
VMIG1	700	6	Essex
Cnty. Impvt. Auth. Rev., Aces Pooled Govtl.
Ln. Prog., 2.97%, 5/04/05, FRWD	N/A		700,000
A-1+	600	6	Gloucester
Cnty. Indl., PCR Exxon Mobil Corp., 2.94%,
5/02/05. FRDD	N/A		600,000
A-1+	700	6	Sports & Expo.
Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD	N/A		700,000
			Total
Short-Term Investments (cost $3,000,000)			3,000,000
			Total
Investments—147.6% (cost $20,785,920)			$ 21,978,119
			Other
assets in excess of liabilities—2.8%			409,628
			Preferred
shares at redemption value, including dividends
payable—(50.4)%			(7,502,063	)
			Net
Assets Applicable to Common Shareholders—100%			$ 14,885,684

| 1 | Using
the higher of S&P’s, Moody’s
or Fitch’s rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | Security exempt
from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold
in transactions exempt from registration to
qualified institutional investors. As of April
30, 2005, the Trust held 7.2% of its net assets,
with a current market value of $1,074,550,
in securities restricted as to resale. |
| 4 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |
| 5 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 6 | 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. |

| KEY
TO ABBREVIATIONS — AMBAC | — | American
Municipal Bond Assurance Corporation | FSA | — | Financial
Security Assurance |
| --- | --- | --- | --- | --- | --- |
| CONNIE
LEE | — | College
Construction Loan Insurance Association | GO | — | General
Obligation |
| ETM | — | Escrowed
to Maturity | MBIA | — | Municipal
Bond Insurance Association |
| FRDD | — | Floating
Rate Daily Demand | PCR | — | Pollution
Control Revenue |
| FRWD | — | Floating
Rate Weekly Demand | | | |

See Notes to Financial Statements.

29

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock New Jersey Municipal Income Trust (BNJ)

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

See Notes to Financial Statements.

30

BlackRock New Jersey Municipal Income Trust (BNJ) (continued)

	Principal
	Amount			Option
Call
Rating 1	(000)		Description	Provisions 2		Value
			Puerto
Rico—27.5%
			Hsg.
Fin. Corp., Home Mtg. Rev.,
AAA	$ 2,735		Ser.
A, 5.20%, 12/01/33	06/11	@ 100	$ 2,794,267
AAA	2,735		Ser.
B, 5.30%, 12/01/28	06/11	@ 100	2,784,586
A	3,800		Hwy. & Transp.
Auth., Ser. D, 5.25%, 7/01/38	07/12	@ 100	4,005,808
			Pub.
Bldgs. Auth., Ser. D,
AAA	5,000		Zero
Coupon, 7/01/31, AMBAC	07/17	@ 100	3,823,750
A-	4,765	5	Gov't
Facs., 5.25%, 7/01/12	N/A		5,311,117
A-	1,735		Gov't
Facs., 5.25%, 7/01/36	07/12	@ 100	1,826,799
			Pub.
Fin. Corp., Ser. E,
BBB+	4,000	5	5.70%,
2/01/10	N/A		4,470,080
BBB+	7,040	5	5.75%,
2/01/07	N/A		7,403,827
						32,420,234
			Total
Long-Term Investments (cost $167,095,476)			178,283,518
	Shares
	(000)
			MONEY
MARKET FUND—0.5%
	600		AIM
Tax Free Investment Co. Cash Reserve Portfolio
(cost $600,000)	N/A		600,000
			Total
Investments—151.6% (cost $167,695,476)			$ 178,883,518
			Other
assets in excess of liabilities—2.5%			2,951,221
			Preferred
shares at redemption value, including dividends
payable—(54.1)%			(63,809,472	)
			Net
Assets Applicable to Common Shareholders—100%			$ 118,025,267

| 1 | Using the higher
of S&P’s, Moody’s or Fitch’s
rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | Security exempt
from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold
in transactions exempt from registration to
qualified institutional investors. As of April
30, 2005, the Trust held 13.1% of its net assets,
with a current market value of $15,505,285,
in securities restricted as to resale. |
| 4 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 5 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |

| KEY
TO ABBREVIATIONS — AMBAC | — | American
Municipal Bond Assurance Corporation | GO | — | General
Obligation |
| --- | --- | --- | --- | --- | --- |
| FGIC | — | Financial
Guaranty Insurance Company | MBIA | — | Municipal
Bond Insurance Association |
| FSA | — | Financial
Security Assurance | | | |

See Notes to Financial Statements.

31

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock New York Investment Quality Municipal Trust (RNY)

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

See Notes to Financial Statements.

32

BlackRock New York Investment Quality Municipal Trust (RNY) (continued)

	Principal
	Amount
Rating 1	(000)		Description	Value
			SHORT-TERM
INVESTMENT—4.5%
A-1+	$ 900	5	Jay
Str. Dev. Corp. Lease Rev., Ser. A, 2.94%,
5/02/05, FRDD (cost $900,000)	$ 900,000
			Total
Investments—146.9% (cost $27,660,723)	$ 29,473,895
			Other
assets in excess of liabilities—2.0%	398,283
			Preferred
shares at redemption value, including dividends
payable—(48.9)%	(9,803,464	)
			Net
Assets Applicable to Common Shareholders—100%	$ 20,068,714

| 1 | Using
the higher of S&P’s, Moody’s
or Fitch’s rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |
| 4 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 5 | 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. |

| KEY
TO ABBREVIATIONS — AMBAC | — | American
Municipal Bond Assurance Corporation | GO | — | General
Obligation |
| --- | --- | --- | --- | --- | --- |
| FRDD | — | Floating
Rate Demand Deposit | MBIA | — | Municipal
Bond Insurance Association |
| FSA | — | Financial
Security Assurance | | | |

See Notes to Financial Statements.

33

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2005 BlackRock New York Municipal Income Trust (BNY)

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

See Notes to Financial Statements.

34

BlackRock New York Municipal Income Trust (BNY) (continued)

	Principal
	Amount			Option
Call
Rating 1	(000 )		Description	Provisions 2		Value
			Puerto
Rico—18.4%
BBB	$ 4,060		Children's
Trust Fund, Tobacco Settlement Rev., 5.625%,
5/15/43	05/12	@ 100	$ 4,051,677
			Pub.
Bldgs. Auth., Gov't Facs., Ser. D,
A-	4,400	4	5.25%,
7/01/12	N/A		4,904,284
A-	1,600		5.25%,
7/01/36	07/12	@ 100	1,684,656
			Pub.
Fin. Corp., Ser. E,
BBB+	7,475	4	5.50%,
2/01/12	N/A		8,442,041
BBB+	2,525		5.50%,
8/01/29	02/12	@ 100	2,745,155
BBB+	7,000	4	5.70%,
2/01/10	N/A		7,822,640
BBB+	5,750	4	5.75%,
2/01/07	N/A		6,047,160
						35,697,613
			Total
Long-Term Investments (cost $279,859,814)			293,044,290
			SHORT-TERM
INVESTMENTS—11.0%
			New
York—2.2%
A-1	4,200	6	New
York City Mun. Wtr. Fin. Auth., Wtr. & Swr.
Sys. Rev., Ser. G, 3.02%,
			5/02/05,
FGIC, FRDD	N/A		4,200,000
	Shares
	(000 )
			Money
Market Funds—8.8%
	9,700		AIM
Tax Free Investment Co. Cash Reserve Portfolio	N/A		9,700,000
	7,500		SSgA
Tax Free Money Mkt. Fund	N/A		7,500,000
						17,200,000
			Total
Short-Term Investments (cost $21,400,000)			21,400,000
			Total
Investments—161.8% (cost $301,259,814)			$ 314,444,290
			Liabilities
in excess of other assets—(5.3)%			(10,378,857	)
			Preferred
shares at redemption value, including dividends
payable—(56.5)%			(109,780,177	)
			Net
Assets Applicable to Common Shareholders—100%			$ 194,285,256

| 1 | Using the higher
of S&P’s, Moody’s or Fitch’s
rating. |
| --- | --- |
| 2 | Date (month/year)
and price of the earliest optional call or
redemption. There may be other call provisions
at varying prices at later dates. |
| 3 | Security exempt
from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold
in transactions exempt from registration to
qualified institutional investors. As of April
30, 2005, the Trust held 11.3% of its net assets,
with a current market value of $21,967,655,
in securities restricted as to resale. |
| 4 | This bond is prefunded.
U.S. government securities, held in escrow,
are used to pay interest on this security,
as well as retire the bond in full at the date
indicated, typically at a premium to par. |
| 5 | Entire or partial
principal amount pledged as collateral for
financial futures contracts. |
| 6 | 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. |

| KEY
TO ABBREVIATIONS — ACA | — | American
Capital Access | FSA | — | Financial
Security Assurance |
| --- | --- | --- | --- | --- | --- |
| AMBAC | — | American
Municipal Bond Assurance Corporation | GO | — | General
Obligation |
| FGIC | — | Financial
Guaranty Insurance Company | MBIA | — | Municipal
Bond Insurance Association |
| FRDD | — | Floating
Rate Demand Deposit | RAA | — | Radian
Asset Assurance |

See Notes to Financial Statements.

35

STATEMENTS OF ASSETS AND LIABILITIES (unaudited) April 30, 2005

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

See Notes to Financial Statements.

36

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

37

STATEMENTS OF OPERATIONS (unaudited) For the six months ended April 30, 2005

| | Investment
Quality | Municipal | | Investment
Quality | | Municipal | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Municipal
Trust | Income
Trust | | Municipal
Trust | | Income
Trust | | |
| | (BKN) | (BFK) | | (RAA) | | (BFZ) | | |
| Net
Investment Income | | | | | | | | |
| Interest
income | $ 10,957,325 | $ | 28,399,918 | $ | 471,386 | $ | 9,320,738 | |
| Expenses | | | | | | | | |
| Investment
advisory | 711,440 | | 3,007,738 | | 38,306 | | 1,062,504 | |
| Administration | 304,903 | | — | | 10,944 | | — | |
| Transfer
agent | 9,231 | | 8,679 | | 5,249 | | 7,964 | |
| Custodian | 51,067 | | 74,847 | | 5,115 | | 41,769 | |
| Reports
to shareholders | 29,193 | | 67,191 | | 3,620 | | 21,975 | |
| Trustees | 18,162 | | 39,458 | | 6,064 | | 15,204 | |
| Registration | 1,937 | | 16,793 | | 291 | | 15,620 | |
| Independent
accountants | 20,363 | | 20,815 | | 7,421 | | 19,005 | |
| Legal | 20,628 | | 43,340 | | 3,100 | | 16,721 | |
| Insurance | 14,441 | | 34,854 | | 776 | | 12,403 | |
| Auction
agent | 188,419 | | 480,400 | | 11,257 | | 170,411 | |
| Miscellaneous | 25,327 | | 50,477 | | 8,260 | | 23,498 | |
| Total
expenses | 1,395,111 | | 3,844,592 | | 100,403 | | 1,407,074 | |
| Less
fees waived by Advisor | — | | (1,253,224 | ) | — | | (442,710 | ) |
| Less
fees paid indirectly | (6,002 | ) | (4,677 | ) | (2,839 | ) | (5,830 | ) |
| Net
expenses | 1,389,109 | | 2,586,691 | | 97,564 | | 958,534 | |
| Net investment
income | 9,568,216 | | 25,813,227 | | 373,822 | | 8,362,204 | |
| Realized
and Unrealized Gain (Loss) | | | | | | | | |
| Net
realized gain (loss) on: | | | | | | | | |
| Investments | 6,110,746 | | 7,496,205 | | 110,960 | | (895,485 | ) |
| Futures | (291,293 | ) | (1,040,483 | ) | (1,182 | ) | (385,527 | ) |
| | 5,819,453 | | 6,455,722 | | 109,778 | | (1,281,012 | ) |
| Net
change in unrealized appreciation/depreciation
on: | | | | | | | | |
| Investments | (4,746,938 | ) | 15,666,777 | | 97,171 | | 7,432,877 | |
| Futures | 665,165 | | 2,361,431 | | 2,813 | | 875,118 | |
| | (4,081,773 | ) | 18,028,208 | | 99,984 | | 8,307,995 | |
| Net gain
(loss) | 1,737,680 | | 24,483,930 | | 209,762 | | 7,026,983 | |
| Dividends
and Distributions to | | | | | | | | |
| Preferred
Shareholders from: | | | | | | | | |
| Net
investment income | (1,321,001 | ) | (3,374,792 | ) | (55,273 | ) | (1,021,331 | ) |
| Net
realized gains | — | | — | | — | | — | |
| Total
dividends and distributions | (1,321,001 | ) | (3,374,792 | ) | (55,273 | ) | (1,021,331 | ) |
| Net
Increase in Net Assets Applicable | | | | | | | | |
| to
Common Shareholders Resulting | | | | | | | | |
| from
Operations | $ 9,984,895 | $ | 46,922,365 | $ | 528,311 | $ | 14,367,856 | |

See Notes to Financial Statements.

38

| Florida — Investment
Quality | Municipal | | Investment
Quality | | Municipal | | Investment
Quality | | Municipal | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Municipal
Trust | Income
Trust | | Municipal
Trust | | Income
Trust | | Municipal
Trust | | Income
Trust | | |
| (RFA) | (BBF) | | (RNJ) | | (BNJ) | | (RNY) | | (BNY) | | |
| $ 580,410 | $ | 4,204,659 | $ | 541,214 | $ | 4,832,701 | $ | 743,547 | $ | 7,982,968 | |
| 43,766 | | 476,634 | | 38,829 | | 535,081 | | 51,673 | | 898,811 | |
| 12,505 | | — | | 11,094 | | — | | 14,764 | | — | |
| 5,611 | | 7,964 | | 5,611 | | 7,964 | | 5,611 | | 7,964 | |
| 4,923 | | 27,885 | | 5,085 | | 28,841 | | 6,545 | | 36,283 | |
| 3,620 | | 11,542 | | 3,620 | | 13,937 | | 3,620 | | 21,859 | |
| 6,064 | | 7,059 | | 6,064 | | 7,783 | | 6,064 | | 13,213 | |
| 328 | | 11,157 | | 291 | | 11,157 | | 380 | | 15,620 | |
| 7,421 | | 17,738 | | 7,421 | | 17,738 | | 7,421 | | 19,005 | |
| 3,151 | | 9,250 | | 3,109 | | 9,507 | | 3,214 | | 16,220 | |
| 892 | | 5,563 | | 786 | | 6,242 | | 1,053 | | 10,527 | |
| 12,521 | | 74,900 | | 11,286 | | 82,606 | | 14,140 | | 142,912 | |
| 8,027 | | 15,137 | | 8,038 | | 16,024 | | 8,153 | | 21,199 | |
| 108,829 | | 664,829 | | 101,234 | | 736,880 | | 122,638 | | 1,203,613 | |
| — | | (198,598 | ) | — | | (222,950 | ) | — | | (374,505 | ) |
| (3,037 | ) | (3,812 | ) | (2,778 | ) | (4,587 | ) | (3,719 | ) | (3,703 | ) |
| 105,792 | | 462,419 | | 98,456 | | 509,343 | | 118,919 | | 825,405 | |
| 474,618 | | 3,742,240 | | 442,758 | | 4,323,358 | | 624,628 | | 7,157,563 | |
| 20,134 | | (5,242 | ) | (7 | ) | 150,228 | | 26,038 | | 2,757,064 | |
| (2,018 | ) | (146,266 | ) | (1,182 | ) | (178,034 | ) | (2,427 | ) | (255,756 | ) |
| 18,116 | | (151,508 | ) | (1,189 | ) | (27,806 | ) | 23,611 | | 2,501,308 | |
| (74,660 | ) | 2,112,324 | | 12,119 | | 3,215,153 | | (2,907 | ) | (707,501 | ) |
| 4,211 | | 332,650 | | 2,813 | | 404,592 | | 5,151 | | 582,317 | |
| (70,449 | ) | 2,444,974 | | 14,932 | | 3,619,745 | | 2,244 | | (125,184 | ) |
| (52,333 | ) | 2,293,466 | | 13,743 | | 3,591,939 | | 25,855 | | 2,376,124 | |
| (69,569 | ) | (444,894 | ) | (64,610 | ) | (567,995 | ) | (73,789 | ) | (862,005 | ) |
| (10,423 | ) | — | | — | | — | | — | | — | |
| (79,992 | ) | (444,894 | ) | (64,610 | ) | (567,995 | ) | (73,789 | ) | (862,005 | ) |
| $ 342,293 | $ | 5,590,812 | $ | 391,891 | $ | 7,347,302 | $ | 576,694 | $ | 8,671,682 | |

39

STATEMENTS OF CHANGES IN NET ASSETS For the six months ended April 30, 2005 (unaudited), and for the year ended October 31, 2004

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

See Notes to Financial Statements.

40

| California
Investment | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Quality
Municipal Trust | | | Municipal
Income Trust | | | | Quality
Municipal Trust | | | | |
| (RAA) | | | (BFZ) | | | | (RFA) | | | | |
| 2005 | 2004 | | 2005 | | 2004 | | 2005 | | 2004 | | |
| $ 373,822 | $ | 927,165 | $ | 8,362,204 | $ | 17,211,060 | $ | 474,618 | $ | 1,103,025 | |
| 109,778 | | (156,595 | ) | (1,281,012 | ) | (5,325,774 | ) | 18,116 | | 146,348 | |
| 99,984 | | 48,265 | | 8,307,995 | | 15,044,621 | | (70,449 | ) | (397,928 | ) |
| — | | 10,779 | | — | | — | | — | | 46,656 | |
| (55,273 | ) | (61,122 | ) | (1,021,331 | ) | (1,276,088 | ) | (69,569 | ) | (78,189 | ) |
| — | | (3,726 | ) | — | | — | | (10,423 | ) | (24,220 | ) |
| 528,311 | | 764,766 | | 14,367,856 | | 25,653,819 | | 342,293 | | 795,692 | |
| (426,605 | ) | (853,209 | ) | (6,840,042 | ) | (13,680,084 | ) | (478,661 | ) | (957,321 | ) |
| — | | (48,441 | ) | — | | — | | (127,609 | ) | (256,301 | ) |
| (426,605 | ) | (901,650 | ) | (6,840,042 | ) | (13,680,084 | ) | (606,270 | ) | (1,213,622 | ) |
| — | | — | | — | | — | | — | | — | |
| — | | — | | — | | — | | — | | — | |
| 101,706 | | (136,884 | ) | 7,527,814 | | 11,973,735 | | (263,977 | ) | (417,930 | ) |
| 14,528,568 | | 14,665,452 | | 221,370,732 | | 209,396,997 | | 16,929,090 | | 17,347,020 | |
| $ 14,630,274 | $ | 14,528,568 | $ | 228,898,546 | $ | 221,370,732 | $ | 16,665,113 | $ | 16,929,090 | |
| $ 265,326 | $ | 373,382 | $ | 6,690,794 | $ | 6,189,963 | $ | 415,592 | $ | 489,204 | |

41

STATEMENTS OF CHANGES IN NET ASSETS (continued) For the six months ended April 30, 2005 (unaudited), and for the year ended October 31, 2004

	Florida
	Municipal
Income Trust			Quality
Municipal Trust
	(BBF)			(RNJ)
	2005	2004		2005		2004
Increase
(Decrease) in Net Assets
Applicable
to Common Shareholders
Operations:
Net
investment income	$ 3,742,240	$	7,485,885	$	442,758	$	972,804
Net
realized gain (loss)	(151,508	)	(508,174	)	(1,189	)	159,011
Net change
in unrealized appreciation/depreciation	2,444,974		3,505,389		14,932		(357,062	)
Net change
in transactions related to investment
violation 1	—		—		—		—
Dividends
to preferred shareholders from
net
investment income	(444,894	)	(548,629	)	(64,610	)	(70,911	)
Net increase
in net assets resulting from operations	5,590,812		9,934,471		391,891		703,842
Dividends
to Common Shareholders from:
Net
investment income	(3,005,809	)	(6,011,618	)	(405,746	)	(811,491	)
Total
increase (decrease)	2,585,003		3,922,853		(13,855	)	(107,649	)
Net
Assets Applicable to
Common
Shareholders:
Beginning
of period	101,511,938		97,589,085		14,899,539		15,007,188
End of
period	$ 104,096,941	$	101,511,938	$	14,885,684	$	14,899,539
End of
period undistributed net investment income	$ 2,685,044	$	2,393,507	$	573,264	$	600,862
1 Amounts
as of December 18, 2003. See Note 7 of Notes
to Financial Statements.

See Notes to Financial Statements.

42

| New
Jersey | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Municipal
Income Trust | | | Quality
Municipal Trust | | | | Municipal
Income Trust | | | | |
| (BNJ) | | | (RNY) | | | | (BNY) | | | | |
| 2005 | 2004 | | 2005 | | 2004 | | 2005 | | 2004 | | |
| $ 4,323,358 | $ | 8,616,860 | $ | 624,628 | $ | 1,259,176 | $ | 7,157,563 | $ | 14,367,676 | |
| (27,806 | ) | (815,221 | ) | 23,611 | | 70,439 | | 2,501,308 | | (1,277,572 | ) |
| 3,619,745 | | 5,352,381 | | 2,244 | | (82,103 | ) | (125,184 | ) | 5,687,713 | |
| — | | — | | — | | 4,284 | | — | | — | |
| (567,995 | ) | (623,629 | ) | (73,789 | ) | (92,575 | ) | (862,005 | ) | (1,058,252 | ) |
| 7,347,302 | | 12,530,391 | | 576,694 | | 1,159,221 | | 8,671,682 | | 17,719,565 | |
| (3,341,462 | ) | (6,682,923 | ) | (573,487 | ) | (1,146,975 | ) | (5,660,141 | ) | (11,320,282 | ) |
| 4,005,840 | | 5,847,468 | | 3,207 | | 12,246 | | 3,011,541 | | 6,399,283 | |
| 114,019,427 | | 108,171,959 | | 20,065,507 | | 20,053,261 | | 191,273,715 | | 184,874,432 | |
| $ 118,025,267 | $ | 114,019,427 | $ | 20,068,714 | $ | 20,065,507 | $ | 194,285,256 | $ | 191,273,715 | |
| $ 3,642,024 | $ | 3,228,123 | $ | 556,966 | $ | 584,462 | $ | 5,456,029 | $ | 4,820,612 | |

43

FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)

| | Six
Months Ended | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | April
30, 2005 | | | | | | | | | | | |
| | (unaudited) | 2004 | | 2003 | | 2002 | | 2001 | | 2000 | | |
| PER
COMMON SHARE OPERATING | | | | | | | | | | | | |
| PERFORMANCE: | | | | | | | | | | | | |
| Net asset
value, beginning of period | $ 15.71 | $ | 15.28 | $ | 15.19 | $ | 15.19 | $ | 14.30 | $ | 13.95 | |
| Investment
operations: | | | | | | | | | | | | |
| Net
investment income | 0.58 | | 1.17 | | 1.16 | | 1.20 | | 1.20 | | 1.13 | |
| Net realized
and unrealized gain (loss) | 0.10 | | 0.26 | | (0.09 | ) | (0.26 | ) | 0.75 | | 0.43 | |
| Dividends
to preferred shareholders | | | | | | | | | | | | |
| from
net investment income | (0.08 | ) | (0.09 | ) | (0.09 | ) | (0.13 | ) | (0.29 | ) | (0.35 | ) |
| Net increase
from investment | | | | | | | | | | | | |
| operations | 0.60 | | 1.34 | | 0.98 | | 0.81 | | 1.66 | | 1.21 | |
| Dividends
to common shareholders | | | | | | | | | | | | |
| from
net investment income | (0.46 | ) | (0.91 | ) | (0.89 | ) | (0.81 | ) | (0.78 | ) | (0.83 | ) |
| Capital
changes with respect to | | | | | | | | | | | | |
| issuance
of: | | | | | | | | | | | | |
| Preferred
shares | — | | — | | — | | — | | 0.01 | | (0.03 | ) |
| Net asset
value, end of period | $ 15.85 | $ | 15.71 | $ | 15.28 | $ | 15.19 | $ | 15.19 | $ | 14.30 | |
| Market
price, end of period | $ 15.41 | $ | 15.12 | $ | 14.26 | $ | 13.48 | $ | 13.73 | $ | 12.13 | |
| TOTAL
INVESTMENT RETURN 1 | 4.99 | % | 12.91 | % | 12.67 | % | 4.14 | % | 20.03 | % | (1.27 | )% |
| RATIOS
TO AVERAGE NET ASSETS | | | | | | | | | | | | |
| OF
COMMON SHAREHOLDERS: 2 | | | | | | | | | | | | |
| Expenses
after fees waived and | | | | | | | | | | | | |
| paid
indirectly | 1.06 | % 3 | 1.08 | % | 1.10 | % | 1.09 | % | 1.14 | % | 1.20 | % |
| Expenses
after fees waived and | | | | | | | | | | | | |
| before
fees paid indirectly | 1.07 | % 3 | 1.08 | % | 1.10 | % | 1.09 | % | 1.14 | % | 1.20 | % |
| Expenses
before fees waived and paid | | | | | | | | | | | | |
| indirectly | 1.07 | % 3 | 1.08 | % | 1.10 | % | 1.09 | % | 1.14 | % | 1.20 | % |
| Net investment
income after fees | | | | | | | | | | | | |
| waived
and paid indirectly and | | | | | | | | | | | | |
| before
preferred share dividends | 7.33 | % 3 | 7.59 | % | 7.62 | % | 7.93 | % | 8.10 | % | 8.18 | % |
| Preferred
share dividends | 1.01 | % 3 | 0.60 | % | 0.59 | % | 0.83 | % | 1.94 | % | 2.53 | % |
| Net investment
income available to | | | | | | | | | | | | |
| common
shareholders | 6.32 | % 3 | 6.99 | % | 7.03 | % | 7.10 | % | 6.16 | % | 5.65 | % |
| SUPPLEMENTAL
DATA: | | | | | | | | | | | | |
| Average
net assets of common | | | | | | | | | | | | |
| shareholders
(000) | $ 263,356 | $ | 259,470 | $ | 254,890 | $ | 251,428 | $ | 247,832 | $ | 230,746 | |
| Portfolio
turnover | 34 | % | 52 | % | 36 | % | 19 | % | 4 | % | 35 | % |
| Net assets
of common shareholders, | | | | | | | | | | | | |
| end
of period (000) | $ 264,822 | $ | 262,475 | $ | 255,315 | $ | 253,710 | $ | 253,777 | $ | 238,849 | |
| Preferred
shares value outstanding, | | | | | | | | | | | | |
| end
of period (000) | $ 146,550 | $ | 146,550 | $ | 146,550 | $ | 146,550 | $ | 146,550 | $ | 146,550 | |
| Asset
coverage per preferred share, | | | | | | | | | | | | |
| end
of period | $ 70,187 | $ | 69,790 | $ | 68,561 | $ | 68,292 | $ | 68,308 | $ | 65,745 | |

| 1 | 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’s dividend reinvestment plan. Total
investment returns do not reflect brokerage
commissions. Past performance is not a guarantee
of future results. |
| --- | --- |
| 2 | 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. |
| 3 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

44

FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust (BFK)

	Six
Months Ended	Year
Ended October 31,						July
27, 2001 1
	April
30, 2005							through
	(unaudited)		2004	2003			2002	October
31, 2001 2
PER
COMMON SHARE OPERATING
PERFORMANCE:
Net asset
value, beginning of period	$ 14.26	$	13.87	$	13.33	$	14.30	$	14.33	3
Investment
operations:
Net
investment income	0.60		1.19		1.23		1.20		0.17
Net
realized and unrealized gain (loss)	0.56		0.26		0.35		(1.11	)	0.12
Dividends
to preferred shareholders from
net
investment income	(0.08	)	(0.09	)	(0.09	)	(0.13	)	(0.01	)
Net increase
(decrease) from investment
operations	1.08		1.36		1.49		(0.04	)	0.28
Dividends
and distributions to common
shareholders:
Net
investment income	(0.49	)	(0.97	)	(0.95	)	(0.93	)	(0.16	)
In
excess of net investment income	—		—		—		—		(0.01	)
Total
dividends and distributions	(0.49	)	(0.97	)	(0.95	)	(0.93	)	(0.17	)
Capital
charges with respect to issuance of:
Common
shares	—		—		—		—		(0.03	)
Preferred
shares	—		—		—		—		(0.11	)
Total
capital charges	—		—		—		—		(0.14	)
Net asset
value, end of period	$ 14.85	$	14.26	$	13.87	$	13.33	$	14.30
Market
price, end of period	$ 14.49	$	14.05	$	13.70	$	13.46	$	14.75
TOTAL
INVESTMENT RETURN 4	6.65	%	10.01	%	9.21	%	(2.40	)%	(1.13	)%
RATIOS
TO AVERAGE NET ASSETS OF
COMMON
SHAREHOLDERS: 5
Expenses
after fees waived and paid indirectly	0.82	% 6	0.83	%	0.84	%	0.81	%	0.61	% 6
Expenses
after fees waived and before fees paid
indirectly	0.82	% 6	0.83	%	0.84	%	0.83	%	0.62	% 6
Expenses
before fees waived and paid indirectly	1.22	% 6	1.23	%	1.25	%	1.23	%	0.91	% 6
Net investment
income after fees waived and paid
indirectly
and before preferred share dividends	8.19	% 6	8.44	%	8.96	%	8.74	%	4.59	% 6
Preferred
share dividends	1.07	% 6	0.63	%	0.65	%	0.92	%	0.38	% 6
Net investment
income available to common
shareholders	7.12	% 6	7.81	%	8.31	%	7.82	%	4.21	% 6
SUPPLEMENTAL
DATA:
Average
net assets of common shareholders (000)	$ 635,763	$	618,076	$	594,192	$	598,425	$	572,610
Portfolio
turnover	22	%	59	%	56	%	70	%	27	%
Net assets
of common shareholders, end of
period
(000)	$ 647,354	$	621,648	$	603,943	$	579,681	$	619,249
Preferred
shares value outstanding, end of
period
(000)	$ 375,125	$	375,125	$	375,125	$	375,125	$	375,125
Asset
coverage per preferred share, end of period	$ 68,150	$	66,435	$	65,251	$	63,636	$	66,275

| 1 | Commencement of
investment operations. This information includes
the initial investment by BlackRock Funding,
Inc. |
| --- | --- |
| 2 | Calculated using
the average shares outstanding method. |
| 3 | 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. |
| 4 | 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’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. |
| 5 | 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. |
| 6 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

45

FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)

| | Six
Months Ended | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | April
30, 2005 | | | | | | | | | | | |
| | (unaudited) | 2004 | | 2003 | | 2002 | | 2001 | | 2000 | | |
| PER
COMMON SHARE OPERATING | | | | | | | | | | | | |
| PERFORMANCE: | | | | | | | | | | | | |
| Net asset
value, beginning of period | $ 14.43 | $ | 14.56 | $ | 14.81 | $ | 15.30 | $ | 14.62 | $ | 14.34 | |
| Investment
operations: | | | | | | | | | | | | |
| Net
investment income | 0.36 | | 0.92 | | 1.05 | | 1.04 | | 1.05 | | 1.06 | |
| Net
realized and unrealized gain (loss) | 0.21 | | (0.09 | ) | (0.41 | ) | (0.64 | ) | 0.63 | | 0.29 | |
| Dividends
to preferred shareholders | | | | | | | | | | | | |
| from
net investment income | (0.05 | ) | (0.06 | ) | (0.06 | ) | (0.09 | ) | (0.21 | ) | (0.25 | ) |
| Net increase
from investment operations | 0.52 | | 0.77 | | 0.58 | | 0.31 | | 1.47 | | 1.10 | |
| Dividends
and distributions to common | | | | | | | | | | | | |
| shareholders: | | | | | | | | | | | | |
| Net
investment income | — | | (0.85 | ) | (0.83 | ) | (0.80 | ) | (0.79 | ) | (0.82 | ) |
| Net
realized gains | (0.42 | ) | (0.05 | ) | — | | — | | — | | — | |
| Total
dividends and distributions | (0.42 | ) | (0.90 | ) | (0.83 | ) | (0.80 | ) | (0.79 | ) | (0.82 | ) |
| Net asset
value, end of period | $ 14.53 | $ | 14.43 | $ | 14.56 | $ | 14.81 | $ | 15.30 | $ | 14.62 | |
| Market
price, end of period | $ 14.25 | $ | 14.30 | $ | 14.03 | $ | 13.38 | $ | 15.55 | $ | 14.00 | |
| TOTAL
INVESTMENT RETURN 1 | 2.66 | % | 8.78 | % | 11.38 | % | (9.26 | )% | 17.03 | % | (4.33 | )% |
| RATIOS
TO AVERAGE NET | | | | | | | | | | | | |
| ASSETS
OF COMMON | | | | | | | | | | | | |
| SHAREHOLDERS: 2 | | | | | | | | | | | | |
| Expenses
after fees waived and | | | | | | | | | | | | |
| paid
indirectly | 1.35 | % 3 | 1.35 | % | 1.40 | % | 1.29 | % | 1.38 | % | 1.41 | % |
| Expenses
after fees waived and | | | | | | | | | | | | |
| before
fees paid indirectly | 1.39 | % 3 | 1.40 | % | 1.40 | % | 1.29 | % | 1.38 | % | 1.41 | % |
| Expenses
before fees paid indirectly | 1.39 | % 3 | 1.40 | % | 1.40 | % | 1.29 | % | 1.38 | % | 1.41 | % |
| Net investment
income after fees | | | | | | | | | | | | |
| waived
and paid indirectly and | | | | | | | | | | | | |
| before
preferred share dividends | 5.17 | % 3 | 6.37 | % | 7.17 | % | 6.86 | % | 7.04 | % | 7.36 | % |
| Preferred
share dividends | 0.76 | % 3 | 0.42 | % | 0.44 | % | 0.59 | % | 1.39 | % | 1.75 | % |
| Net investment
income available to | | | | | | | | | | | | |
| common
shareholders | 4.41 | % 3 | 5.95 | % | 6.73 | % | 6.27 | % | 5.65 | % | 5.61 | % |
| SUPPLEMENTAL
DATA: | | | | | | | | | | | | |
| Average
net assets of common | | | | | | | | | | | | |
| shareholders
(000) | $ 14,570 | $ | 14,553 | $ | 14,752 | $ | 15,221 | $ | 15,072 | $ | 14,450 | |
| Portfolio
turnover | 3 | % | 15 | % | 6 | % | 30 | % | 1 | % | —% | |
| Net assets
of common shareholders, | | | | | | | | | | | | |
| end
of period (000) | $ 14,630 | $ | 14,529 | $ | 14,665 | $ | 14,911 | $ | 15,411 | $ | 14,725 | |
| Preferred
shares value outstanding, | | | | | | | | | | | | |
| end
of period (000) | $ 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | |
| Asset
coverage per preferred share, | | | | | | | | | | | | |
| end
of period | $ 73,771 | $ | 73,433 | $ | 73,886 | $ | 74,706 | $ | 76,377 | $ | 74,097 | |

| 1 | 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’s dividend reinvestment plan. Total
investment returns do not reflect brokerage
commissions. Past performance is not a guarantee
of future results. |
| --- | --- |
| 2 | 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. |
| 3 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

46

FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust (BFZ)

	Six
Months Ended	Year
Ended October 31,						July
27, 2001 1
	April
30, 2005							through
	(unaudited)		2004	2003		2002		October
31, 2001 2
PER
COMMON SHARE OPERATING
PERFORMANCE:
Net asset
value, beginning of period	$ 14.77	$	13.97	$	14.16	$	14.50	$	14.33	3
Investment
operations:
Net
investment income	0.56		1.15		1.12		1.11		0.16
Net
realized and unrealized gain (loss)	0.47		0.65		(0.34	)	(0.46	)	0.32
Dividends
to preferred shareholders from
net
investment income	(0.07	)	(0.09	)	(0.08	)	(0.12	)	(0.01	)
Net increase
from investment operations	0.96		1.71		0.70		0.53		0.47
Dividends
and distributions to common
shareholders:
Net
investment income	(0.46	)	(0.91	)	(0.89	)	(0.87	)	(0.15	)
In
excess of net investment income	—		—		—		—		(0.01	)
Total
dividends and distributions	(0.46	)	(0.91	)	(0.89	)	(0.87	)	(0.16	)
Capital
charges with respect to issuance of:
Common
shares	—		—		—		—		(0.03	)
Preferred
shares	—		—		—		—		(0.11	)
Total
capital charges	—		—		—		—		(0.14	)
Net asset
value, end of period	$ 15.27	$	14.77	$	13.97	$	14.16	$	14.50
Market
price, end of period	$ 14.06	$	13.65	$	13.21	$	13.09	$	14.75
TOTAL
INVESTMENT RETURN 4	6.44	%	10.58	%	7.92	%	(5.49	)%	(1.17	)%
RATIOS
TO AVERAGE NET ASSETS
OF
COMMON SHAREHOLDERS: 5
Expenses
after fees waived and paid indirectly	0.86	% 6	0.87	%	0.89	%	0.88	%	0.72	% 6
Expenses
after fees waived and before fees paid
indirectly	0.86	% 6	0.88	%	0.89	%	0.90	%	0.73	% 6
Expenses
before fees waived and paid indirectly	1.26	% 6	1.28	%	1.30	%	1.31	%	1.02	% 6
Net investment
income after fees waived and
paid
indirectly and before preferred
share
dividends	7.49	% 6	7.96	%	8.01	%	7.96	%	4.06	% 6
Preferred
share dividends	0.91	% 6	0.59	%	0.57	%	0.86	%	0.38	% 6
Net investment
income available to common
shareholders	6.58	% 6	7.37	%	7.44	%	7.10	%	3.68	% 6
SUPPLEMENTAL
DATA:
Average
net assets of common shareholders (000)	$ 225,153	$	216,238	$	211,275	$	209,965	$	199,356
Portfolio
turnover	11	%	15	%	34	%	44	%	16	%
Net assets
of common shareholders, end of
period
(000)	$ 228,899	$	221,371	$	209,397	$	212,215	$	216,829
Preferred
shares value outstanding, end of
period
(000)	$ 131,950	$	131,950	$	131,950	$	131,950	$	131,950
Asset
coverage per preferred share, end of period	$ 68,373	$	66,945	$	64,675	$	65,211	$	66,086

| 1 | Commencement of
investment operations. This information includes
the initial investment by BlackRock Funding,
Inc. |
| --- | --- |
| 2 | Calculated using
the average shares outstanding method. |
| 3 | 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. |
| 4 | 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’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. |
| 5 | 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. |
| 6 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

47

FINANCIAL HIGHLIGHTS

BlackRock Florida Investment Quality Municipal Trust (RFA)

| | Six
Months Ended | | | | Year
Ended October 31, | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | April
30, 2005 | | | | | | | | | | | |
| | (unaudited) | 2004 | | 2003 | | 2002 | | 2001 | | 2000 | | |
| PER
COMMON SHARE OPERATING | | | | | | | | | | | | |
| PERFORMANCE: | | | | | | | | | | | | |
| Net asset
value, beginning of period | $ 15.02 | $ | 15.39 | $ | 15.65 | $ | 15.50 | $ | 14.65 | $ | 14.29 | |
| Investment
operations: | | | | | | | | | | | | |
| Net
investment income | 0.41 | | 0.98 | | 1.04 | | 1.05 | | 1.03 | | 1.07 | |
| Net
realized and unrealized gain (loss) | (0.04 | ) | (0.18 | ) | (0.39 | ) | 0.02 | | 0.86 | | 0.40 | |
| Dividends
and distributions to | | | | | | | | | | | | |
| preferred
shareholders: | | | | | | | | | | | | |
| Net
investment income | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.11 | ) | (0.24 | ) | (0.31 | ) |
| Net
realized gains | (0.01 | ) | (0.02 | ) | — | | — | | — | | — | |
| Net increase
from investment operations | 0.30 | | 0.71 | | 0.57 | | 0.96 | | 1.65 | | 1.16 | |
| Dividends
and distributions to common | | | | | | | | | | | | |
| shareholders: | | | | | | | | | | | | |
| Net
investment income | (0.42 | ) | (0.85 | ) | (0.83 | ) | (0.81 | ) | (0.80 | ) | (0.80 | ) |
| Net
realized gains | (0.11 | ) | (0.23 | ) | — | | — | | — | | — | |
| Total
dividends and distributions | (0.53 | ) | (1.08 | ) | (0.83 | ) | (0.81 | ) | (0.80 | ) | (0.80 | ) |
| Net asset
value, end of period | $ 14.79 | $ | 15.02 | $ | 15.39 | $ | 15.65 | $ | 15.50 | $ | 14.65 | |
| Market
price, end of period | $ 14.30 | $ | 14.30 | $ | 14.47 | $ | 14.50 | $ | 14.36 | $ | 13.13 | |
| TOTAL
INVESTMENT RETURN 1 | 3.77 | % | 6.32 | % | 5.52 | % | 6.52 | % | 15.65 | % | 9.00 | % |
| RATIOS
TO AVERAGE NET ASSETS | | | | | | | | | | | | |
| OF
COMMON SHAREHOLDERS: 2 | | | | | | | | | | | | |
| Expenses
after fees paid indirectly | 1.28 | % 3 | 1.27 | % | 1.29 | % | 1.20 | % | 1.38 | % | 1.22 | % |
| Expenses
after fees waived and before | | | | | | | | | | | | |
| fees
paid indirectly | 1.31 | % 3 | 1.31 | % | 1.29 | % | 1.20 | % | 1.38 | % | 1.22 | % |
| Expenses
before fees paid indirectly | 1.31 | % 3 | 1.31 | % | 1.29 | % | 1.20 | % | 1.38 | % | 1.22 | % |
| Net investment
income after fees | | | | | | | | | | | | |
| paid
indirectly and before preferred | | | | | | | | | | | | |
| share
dividends | 5.73 | % 3 | 6.48 | % | 6.69 | % | 6.76 | % | 6.83 | % | 7.48 | % |
| Preferred
share dividends | 0.84 | % 3 | 0.46 | % | 0.51 | % | 0.69 | % | 1.58 | % | 2.18 | % |
| Net investment
income available to | | | | | | | | | | | | |
| common
shareholders | 4.89 | % 3 | 6.02 | % | 6.18 | % | 6.07 | % | 5.25 | % | 5.30 | % |
| SUPPLEMENTAL
DATA: | | | | | | | | | | | | |
| Average
net assets of common | | | | | | | | | | | | |
| shareholders
(000) | $ 16,717 | $ | 17,035 | $ | 17,561 | $ | 17,427 | $ | 17,046 | $ | 16,167 | |
| Portfolio
turnover | 3 | % | 13 | % | 17 | % | 8 | % | — | % | — | % |
| Net assets
of common shareholders, | | | | | | | | | | | | |
| end
of period (000) | $ 16,665 | $ | 16,929 | $ | 17,347 | $ | 17,639 | $ | 17,472 | $ | 16,509 | |
| Preferred
shares value outstanding, | | | | | | | | | | | | |
| end
of period (000) | $ 8,500 | $ | 8,500 | $ | 8,500 | $ | 8,500 | $ | 8,500 | $ | 8,500 | |
| Asset
coverage per preferred share, | | | | | | | | | | | | |
| end
of period | $ 74,019 | $ | 74,795 | $ | 76,021 | $ | 76,886 | $ | 76,397 | $ | 73,570 | |

| 1 | 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’s dividend reinvestment plan. Total
investment returns do not reflect brokerage
commissions. Past performance is not a guarantee
of future results. |
| --- | --- |
| 2 | 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. |
| 3 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

48

FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Income Trust (BBF)

	Six
Months Ended	Year
Ended October 31,						July
27, 2001 1
	April
30, 2005							through
	(unaudited)	2004		2003		2002		October
31, 2001 2
PER
COMMON SHARE OPERATING
PERFORMANCE:
Net asset
value, beginning of period	$ 15.27	$	14.68	$	14.57	$	14.37	$	14.33	3
Investment
operations:
Net
investment income	0.56		1.12		1.11		1.07		0.17
Net
realized and unrealized gain (loss)	0.35		0.45		(0.03	)	0.13		0.18
Dividends
to preferred shareholders from
net
investment income	(0.07	)	(0.08	)	(0.08	)	(0.12	)	(0.01	)
Net increase
from investment operations	0.84		1.49		1.00		1.08		0.34
Dividends
to common shareholders from
net
investment income	(0.45	)	(0.90	)	(0.89	)	(0.87	)	(0.16	)
Capital
charges with respect to issuance of:
Common
shares	—		—		—		—		(0.03	)
Preferred
shares	—		—		—		(0.01	)	(0.11	)
Total
capital charges	—		—		—		(0.01	)	(0.14	)
Net asset
value, end of period	$ 15.66	$	15.27	$	14.68	$	14.57	$	14.37
Market
price, end of period	$ 14.80	$	14.40	$	13.36	$	13.65	$	14.50
TOTAL
INVESTMENT RETURN 4	5.98	%	15.04	%	4.30	%	0.16	%	(2.84	)%
RATIOS
TO AVERAGE NET ASSETS
OF
COMMON SHAREHOLDERS: 5
Expenses
after fees waived and paid indirectly	0.91	% 6	0.93	%	0.94	%	0.96	%	0.87	% 6
Expenses
after fees waived and before fees
paid
indirectly	0.92	% 6	0.93	%	0.95	%	0.98	%	0.88	% 6
Expenses
before fees waived and paid indirectly	1.31	% 6	1.32	%	1.35	%	1.38	%	1.17	% 6
Net investment
income after fees waived and
paid
indirectly and before preferred
share
dividends	7.35	% 6	7.49	%	7.50	%	7.59	%	4.43	% 6
Preferred
share dividends	0.87	% 6	0.55	%	0.53	%	0.82	%	0.37	% 6
Net investment
income available to common
shareholders	6.48	% 6	6.94	%	6.97	%	6.77	%	4.06	% 6
SUPPLEMENTAL
DATA:
Average
net assets of common
shareholders
(000)	$ 102,645	$	100,002	$	98,081	$	93,558	$	87,918
Portfolio
turnover	—%		10	%	19	%	35	%	28	%
Net assets
of common shareholders,
end
of period (000)	$ 104,097	$	101,512	$	97,589	$	96,816	$	95,123
Preferred
shares value outstanding,
end
of period (000)	$ 57,550	$	57,550	$	57,550	$	57,550	$	57,550
Asset
coverage per preferred share,
end
of period	$ 70,227	$	69,101	$	67,394	$	67,060	$	66,323

| 1 | Commencement of
investment operations. This information includes
the initial investment by BlackRock Funding,
Inc. |
| --- | --- |
| 2 | Calculated using
the average shares outstanding method. |
| 3 | 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. |
| 4 | 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’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. |
| 5 | 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. |
| 6 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

49

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

| | Six
Months Ended | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | April
30, 2005 | | | | | | | | | | | |
| | (unaudited) | 2004 | | 2003 | | 2002 | | 2001 | | 2000 | | |
| PER
COMMON SHARE OPERATING | | | | | | | | | | | | |
| PERFORMANCE: | | | | | | | | | | | | |
| Net asset
value, beginning of period | $ 14.79 | $ | 14.90 | $ | 14.64 | $ | 14.85 | $ | 13.96 | $ | 13.52 | |
| Investment
operations: | | | | | | | | | | | | |
| Net
investment income | 0.43 | | 0.97 | | 1.00 | | 1.02 | | 0.96 | | 1.01 | |
| Net
realized and unrealized gain (loss) | 0.02 | | (0.20 | ) | 0.12 | | (0.39 | ) | 0.87 | | 0.43 | |
| Dividends
to preferred shareholders | | | | | | | | | | | | |
| from
net investment income | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.09 | ) | (0.21 | ) | (0.27 | ) |
| Net increase
from investment | | | | | | | | | | | | |
| operations | 0.39 | | 0.70 | | 1.06 | | 0.54 | | 1.62 | | 1.17 | |
| Dividends
to common shareholders | | | | | | | | | | | | |
| from
net investment income | (0.40 | ) | (0.81 | ) | (0.80 | ) | (0.75 | ) | (0.73 | ) | (0.73 | ) |
| Net asset
value, end of period | $ 14.78 | $ | 14.79 | $ | 14.90 | $ | 14.64 | $ | 14.85 | $ | 13.96 | |
| Market
price, end of period | $ 14.50 | $ | 15.00 | $ | 14.80 | $ | 13.30 | $ | 13.75 | $ | 12.13 | |
| TOTAL
INVESTMENT RETURN 1 | (0.63 | )% | 7.14 | % | 17.59 | % | 2.07 | % | 19.63 | % | 5.08 | % |
| RATIOS
TO AVERAGE NET ASSETS | | | | | | | | | | | | |
| OF
COMMON SHAREHOLDERS: 2 | | | | | | | | | | | | |
| Expenses
after fees waived and | | | | | | | | | | | | |
| paid
indirectly | 1.33 | % 3 | 1.34 | % | 1.39 | % | 1.31 | % | 1.54 | % | 1.32 | % |
| Expenses
after fees waived and | | | | | | | | | | | | |
| before
fees paid indirectly | 1.37 | % 3 | 1.37 | % | 1.39 | % | 1.31 | % | 1.54 | % | 1.32 | % |
| Expenses
before fees waived | | | | | | | | | | | | |
| and
paid indirectly | 1.37 | % 3 | 1.37 | % | 1.39 | % | 1.31 | % | 1.54 | % | 1.32 | % |
| Net investment
income after | | | | | | | | | | | | |
| fees
waived and paid | | | | | | | | | | | | |
| indirectly
and before preferred | | | | | | | | | | | | |
| share
dividends | 5.99 | % 3 | 6.50 | % | 6.72 | % | 6.93 | % | 6.64 | % | 7.44 | % |
| Preferred
share dividends | 0.87 | % 3 | 0.47 | % | 0.41 | % | 0.61 | % | 1.47 | % | 1.98 | % |
| Net investment
income available | | | | | | | | | | | | |
| to
common shareholders | 5.12 | % 3 | 6.03 | % | 6.31 | % | 6.32 | % | 5.17 | % | 5.46 | % |
| SUPPLEMENTAL
DATA: | | | | | | | | | | | | |
| Average
net assets of common | | | | | | | | | | | | |
| shareholders
(000) | $ 14,909 | $ | 14,974 | $ | 14,975 | $ | 14,791 | $ | 14,570 | $ | 13,696 | |
| Portfolio
turnover | 10 | % | 12 | % | 4 | % | 14 | % | 9 | % | 23 | % |
| Net assets
of common shareholders, | | | | | | | | | | | | |
| end
of period (000) | $ 14,886 | $ | 14,900 | $ | 15,007 | $ | 14,747 | $ | 14,958 | $ | 14,059 | |
| Preferred
shares value outstanding, | | | | | | | | | | | | |
| end
of period (000) | $ 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | |
| Asset
coverage per preferred share, | | | | | | | | | | | | |
| end
of period | $ 74,626 | $ | 74,670 | $ | 75,026 | $ | 74,159 | $ | 74,862 | $ | 71,879 | |

| 1 | 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’s dividend reinvestment plan. Total
investment returns do not reflect brokerage
commissions. Past performance is not a guarantee
of future results. |
| --- | --- |
| 2 | 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. |
| 3 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

50

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Income Trust (BNJ)

	Six
Months Ended	Year
Ended October 31,						July
27, 2001 1
	April
30, 2005							through
	(unaudited)		2004	2003		2002		October
31, 2001 2
PER
COMMON SHARE OPERATING
PERFORMANCE:
Net asset
value, beginning of period	$ 15.38	$	14.59	$	14.29	$	14.26	$	14.33	3
Investment
operations:
Net
investment income	0.59		1.16		1.15		1.10		0.14
Net
realized and unrealized gain (loss)	0.48		0.61		0.11		(0.07	)	0.10
Dividends
to preferred shareholders from
net
investment income	(0.08	)	(0.08	)	(0.08	)	(0.12	)	(0.01	)
Net increase
from investment operations	0.99		1.69		1.18		0.91		0.23
Dividends
and distributions to common
shareholders:
Net
investment income	(0.45	)	(0.90	)	(0.88	)	(0.87	)	(0.13	)
In
excess of net investment income	—		—		—		—		(0.03	)
Total
dividends and distributions	(0.45	)	(0.90	)	(0.88	)	(0.87	)	(0.16	)
Capital
charges with respect to issuance of:
Common
shares	—		—		—		—		(0.03	)
Preferred
shares	—		—		—		(0.01	)	(0.11	)
Total
capital charges	—		—		—		(0.01	)	(0.14	)
Net asset
value, end of period	$ 15.92	$	15.38	$	14.59	$	14.29	$	14.26
Market
price, end of period	$ 14.62	$	14.45	$	14.04	$	13.64	$	14.84
TOTAL
INVESTMENT RETURN 4	4.34	%	9.63	%	9.59	%	(2.25	)%	(0.56	)%
RATIOS
TO AVERAGE NET ASSETS
OF
COMMON SHAREHOLDERS: 5
Expenses
after fees waived and paid indirectly	0.89	% 6	0.91	%	0.93	%	0.93	%	0.83	% 6
Expenses
after fees waived and before fees
paid
indirectly	0.89	% 6	0.91	%	0.94	%	0.97	%	0.84	% 6
Expenses
before fees waived and paid indirectly	1.28	% 6	1.30	%	1.34	%	1.37	%	1.12	% 6
Net investment
income after fees waived
and paid
indirectly and before preferred
share
dividends	7.51	% 6	7.74	%	7.85	%	7.81	%	3.67	% 6
Preferred
share dividends	0.99	% 6	0.56	%	0.57	%	0.88	%	0.37	% 6
Net investment
income available to common
shareholders	6.52	% 6	7.18	%	7.28	%	6.93	%	3.30	% 6
SUPPLEMENTAL
DATA:
Average
net assets of common
shareholders
(000)	$ 116,038	$	111,263	$	107,900	$	104,241	$	97,050
Portfolio
turnover	5	%	16	%	13	%	50	%	16	%
Net assets
of common shareholders,
end
of period (000)	$ 118,025	$	114,019	$	108,172	$	105,985	$	105,089
Preferred
shares value outstanding,
end
of period (000)	$ 63,800	$	63,800	$	63,800	$	63,800	$	63,800
Asset
coverage per preferred share, end of period	$ 71,252	$	69,682	$	67,387	$	66,538	$	66,187

| 1 | Commencement of
investment operations. This information includes
the initial investment by BlackRock Funding,
Inc. |
| --- | --- |
| 2 | Calculated using
the average shares outstanding method. |
| 3 | 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. |
| 4 | 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’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. |
| 5 | 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. |
| 6 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

51

FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

| | Six
Months Ended | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | April
30, 2005 | | | | | | | | | | | |
| | (unaudited) | 2004 | | 2003 | | 2002 | | 2001 | | 2000 | | |
| PER
COMMON SHARE OPERATING | | | | | | | | | | | | |
| PERFORMANCE: | | | | | | | | | | | | |
| Net asset
value, beginning of year | $ 15.35 | $ | 15.34 | $ | 15.47 | $ | 15.28 | $ | 14.55 | $ | 14.11 | |
| Investment
operations: | | | | | | | | | | | | |
| Net
investment income | 0.48 | | 0.96 | | 1.03 | | 1.06 | | 1.06 | | 1.08 | |
| Net
realized and unrealized gain (loss) | 0.02 | | — | | (0.21 | ) | 0.06 | | 0.70 | | 0.44 | |
| Dividends
to preferred shareholders | | | | | | | | | | | | |
| from
net investment income | (0.06 | ) | (0.07 | ) | (0.07 | ) | (0.09 | ) | (0.21 | ) | (0.26 | ) |
| Net increase
from investment | | | | | | | | | | | | |
| operations | 0.44 | | 0.89 | | 0.75 | | 1.03 | | 1.55 | | 1.26 | |
| Dividends
to common shareholders | | | | | | | | | | | | |
| from
net investment income | (0.44 | ) | (0.88 | ) | (0.88 | ) | (0.84 | ) | (0.82 | ) | (0.82 | ) |
| Net asset
value, end of year | $ 15.35 | $ | 15.35 | $ | 15.34 | $ | 15.47 | $ | 15.28 | $ | 14.55 | |
| Market
price, end of year | $ 14.07 | $ | 14.50 | $ | 14.18 | $ | 14.40 | $ | 14.20 | $ | 12.63 | |
| TOTAL
INVESTMENT RETURN 1 | 0.05 | % | 8.81 | % | 4.69 | % | 7.42 | % | 19.20 | % | (1.21 | )% |
| RATIOS
TO AVERAGE NET ASSETS | | | | | | | | | | | | |
| OF
COMMON SHAREHOLDERS: 2 | | | | | | | | | | | | |
| Expenses
after fees waived and | | | | | | | | | | | | |
| paid
indirectly | 1.20 | % 3 | 1.21 | % | 1.24 | % | 1.17 | % | 1.31 | % | 1.21 | % |
| Expenses
after fees waived and | | | | | | | | | | | | |
| before
fees paid indirectly | 1.24 | % 3 | 1.24 | % | 1.24 | % | 1.17 | % | 1.31 | % | 1.21 | % |
| Expenses
before fees paid indirectly | 1.24 | % 3 | 1.24 | % | 1.24 | % | 1.17 | % | 1.31 | % | 1.21 | % |
| Net investment
income after fees | | | | | | | | | | | | |
| waived
and paid indirectly and | | | | | | | | | | | | |
| before
preferred share dividends | 6.31 | % 3 | 6.29 | % | 6.68 | % | 6.97 | % | 7.06 | % | 7.63 | % |
| Preferred
share dividends | 0.75 | % 3 | 0.46 | % | 0.44 | % | 0.60 | % | 1.40 | % | 1.83 | % |
| Net investment
income available to | | | | | | | | | | | | |
| common
shareholders | 5.56 | % 3 | 5.83 | % | 6.24 | % | 6.37 | % | 5.66 | % | 5.81 | % |
| SUPPLEMENTAL
DATA: | | | | | | | | | | | | |
| Average
net assets of common | | | | | | | | | | | | |
| shareholders
(000) | $ 19,972 | $ | 20,019 | $ | 20,158 | $ | 19,915 | $ | 19,663 | $ | 18,523 | |
| Portfolio
turnover | 2 | % | 23 | % | 36 | % | 7 | % | — | % | 22 | % |
| Net assets
of common shareholders, | | | | | | | | | | | | |
| end
of period (000) | $ 20,069 | $ | 20,066 | $ | 20,053 | $ | 20,222 | $ | 19,973 | $ | 19,016 | |
| Preferred
shares value outstanding, | | | | | | | | | | | | |
| end
of period (000) | $ 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | |
| Asset
coverage per preferred share, | | | | | | | | | | | | |
| end
of period | $ 76,205 | $ | 76,195 | $ | 76,159 | $ | 76,590 | $ | 75,955 | $ | 73,516 | |

| 1 | 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’s dividend reinvestment plan. Total
investment returns do not reflect brokerage
commissions. Past performance is not a guarantee
of future results. |
| --- | --- |
| 2 | 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. |
| 3 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

52

FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

	Six
Months Ended	Year
Ended October 31,						July
27, 2001 1
	April
30, 2005							through
	(unaudited)	2004		2003		2002		October
31, 2001 2
PER
COMMON SHARE OPERATING
PERFORMANCE:
Net asset
value, beginning of period	$ 15.28	$	14.76	$	14.47	$	14.09	$	14.33	3
Investment
operations:
Net
investment income	0.57		1.14		1.14		1.09		0.15
Net
realized and unrealized gain (loss)	0.19		0.36		0.13		0.29		(0.08	)
Dividends
to preferred shareholders from
net
investment income	(0.07	)	(0.08	)	(0.09	)	(0.13	)	(0.01	)
Net increase
from investment operations	0.69		1.42		1.18		1.25		0.06
Dividends
and distributions to common
shareholders:
Net
investment income	(0.45	)	(0.90	)	(0.89	)	(0.87	)	(0.14	)
In
excess of net investment income	—		—		—		—		(0.02	)
Total
dividends and distributions	(0.45	)	(0.90	)	(0.89	)	(0.87	)	(0.16	)
Capital
charges with respect to issuance of:
Common
shares	—		—		—		—		(0.03	)
Preferred
shares	—		—		—		—		(0.11	)
Total
capital charges	—		—		—		—		(0.14	)
Net asset
value, end of period	$ 15.52	$	15.28	$	14.76	$	14.47	$	14.09
Market
price, end of period	$ 14.52	$	13.99	$	13.45	$	13.42	$	14.62
TOTAL
INVESTMENT RETURN 4	7.09	%	10.99	%	6.95	%	(2.25	)%	(5.58	)%
RATIOS
TO AVERAGE NET ASSETS OF
COMMON
SHAREHOLDERS: 5
Expenses
after fees waived and paid indirectly	0.87	% 6	0.87	%	0.88	%	0.90	%	0.73	% 6
Expenses
after fees waived and before fees
paid
indirectly	0.87	% 6	0.87	%	0.89	%	0.92	%	0.74	% 6
Expenses
before fees waived and paid indirectly	1.26	% 6	1.27	%	1.29	%	1.33	%	1.03	% 6
Net investment
income after fees waived
and
paid indirectly and before preferred
share
dividends	7.50	% 6	7.62	%	7.73	%	7.87	%	3.93	% 6
Preferred
share dividends	0.90	% 6	0.56	%	0.62	%	0.93	%	0.37	% 6
Net investment
income available to common
shareholders	6.60	% 6	7.06	%	7.11	%	6.94	%	3.56	% 6
SUPPLEMENTAL
DATA:
Average
net assets of common shareholders (000)	$ 192,337	$	188,746	$	183,648	$	173,885	$	163,077
Portfolio
turnover	8	%	13	%	14	%	57	%	2	%
Net assets
of common shareholders,
end
of period (000)	$ 194,285	$	191,274	$	184,874	$	181,200	$	175,110
Preferred
shares value outstanding,
end
of period (000)	$ 109,750	$	109,750	$	109,750	$	109,750	$	109,750
Asset
coverage per preferred share, end of period	$ 69,263	$	68,575	$	67,115	$	66,279	$	64,894

| 1 | Commencement of
investment operations. This information includes
the initial investment by BlackRock Funding,
Inc. |
| --- | --- |
| 2 | Calculated using
the average shares outstanding method. |
| 3 | 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. |
| 4 | 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’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. |
| 5 | 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. |
| 6 | Annualized. |

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’s common shares.

See Notes to Financial Statements.

53

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1. Organization & Accounting Policies BlackRock Investment Quality Municipal Trust Inc. (“Municipal Investment Quality”) was organized as a Maryland corporation on November 19, 1992. BlackRock California Investment Quality Municipal Trust Inc. (“California Investment Quality”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“New Jersey Investment Quality”) and BlackRock New York Investment Quality Municipal Trust Inc. (“New York Investment Quality”) were organized as Maryland corporations on April 12, 1993. BlackRock Florida Investment Quality Municipal Trust (“Florida Investment Quality”) was organized as a Massachusetts business trust on April 15, 1993. BlackRock Municipal Income Trust (“Municipal Income”), BlackRock California Municipal Income Trust (“California Income”), BlackRock Florida Municipal Income Trust (“Florida Income”), BlackRock New Jersey Municipal Income Trust (“New Jersey Income”) and BlackRock New York Municipal Income Trust (“New York Income”) (collectively the “Income Trusts”) were organized as Delaware statuatory trusts on March 30, 2001. Municipal Investment Quality and Municipal Income are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. California Investment Quality, California Income, Florida Investment Quality, Florida Income, New Jersey Investment Quality, New Jersey Income, New York Investment Quality and New York Income are registered as non-diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality are herein referred to as the Investment Quality Trusts. The ability of issuers of debt securities held by each Trust to meet their obligations may be affected by economic developments in a state, a specific industry or region. The following is a summary of significant accounting policies followed by the Trusts.

Investments Valuation: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees or Board of Directors, as the case may be (each, a “Board”). 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 (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to and ratified by the relevant Board.

When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.

Investment Transactions and Investment Income: 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.

Financial Futures Contracts: 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 “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’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’s basis in the contract.

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.

Segregation: In cases in which the Investment Company Act of 1940, as amended, and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’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.

Dividends and Distributions: 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.

Estimates: 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.

54

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees/Directors (“Trustees”) 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.

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.

Note 2. Agreements Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), which is a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the Income Trusts. BlackRock, Inc. is an indirect, majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management Agreement for each Income Trust covers both investment advisory and administration services. Each Investment Quality Trust has an Administration Agreement with the Advisor.

Each Trust’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’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt or preferred shares representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Income Trusts as a percentage of managed assets as follows: 0.25% for the first five years of each of the Trust’s operations, 0.20% in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.

Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which may include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support and compliance services to each Trust. For the six months ended April 30, 2005, the Trusts reimbursed the Advisor the following amounts:

Trust	Amount	Trust	Amount
Municipal Investment Quality	$ 8,236	Florida Income	$ 3,180
Municipal Income	17,376	New Jersey Investment Quality	485
California Investment Quality	480	New Jersey Income	3,479
California Income	6,853	New York Investment Quality	657
Florida Investment Quality	572	New York Income	5,944

Pursuant to the terms of each Trust’s custody agreement, each Trust received earning credits from its custodian for positive cash balances maintained, which are used to offset custody fees.

Note 3. Portfolio Securities Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2005, were as follows:

Trust	Purchases	Sales	Trust	Purchases	Sales
Municipal Investment Quality	$ 138,112,872	$ 134,598,911	Florida Income	$ —	$ 5,228,734
Municipal Income	210,049,156	245,689,373	New Jersey Investment Quality	1,952,211	2,226,185
California Investment Quality	514,980	3,265,918	New Jersey Income	8,160,180	8,168,221
California Income	39,801,790	40,709,311	New York Investment Quality	2,893,215	504,077
Florida Investment Quality	1,264,043	507,982	New York Income	25,085,588	35,186,660

There were no purchases or sales of U.S. government securities.

55

Details of open financial futures contracts at April 30, 2005 were as follows:

Trust	Number of — Contracts	Type	Expiration — Date		Value at Trade — Date	Value at — April 30, 2005	Depreciation
Short Positions:
Municipal Investment Quality	669	10 Yr. U.S. T-Note	June	’ 05	$ 73,831,748	$ 74,541,234	$ (709,486	)
Municipal Income	2,433	10 Yr. U.S. T-Note	June	’ 05	268,509,908	271,089,422	(2,579,514	)
California Investment Quality	3	10 Yr. U.S. T-Note	June	’ 05	331,017	334,265	(3,248	)
California Income	902	10 Yr. U.S. T-Note	June	’ 05	99,546,181	100,502,532	(956,351	)
Florida Investment Quality	4	10 Yr. U.S. T-Note	June	’ 05	441,492	445,688	(4,196	)
Florida Income	343	10 Yr. U.S. T-Note	June	’ 05	37,853,884	38,217,703	(363,819	)
New Jersey Investment Quality	3	10 Yr. U.S. T-Note	June	’ 05	331,017	334,265	(3,248	)
New Jersey Income	417	10 Yr. U.S. T-Note	June	’ 05	46,020,611	46,462,922	(442,311	)
New York Investment Quality	5	10 Yr. U.S. T-Note	June	’ 05	551,825	557,109	(5,284	)
New York Income	600	10 Yr. U.S. T-Note	June	’ 05	66,217,003	66,853,125	(636,122	)

At April 30, 2005, the total cost of securities for Federal income tax purposes and aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows:

Trust	Cost	Appreciation	Depreciation	Net
Municipal Investment Quality	$ 387,441,607	$ 25,736,311	$ 1,174,368	$ 26,910,679
Municipal Income	953,955,908	46,869,761	7,371,378	54,241,139
California Investment Quality	20,527,506	952,412	—	952,412
California Income	337,636,233	18,107,106	270,460	18,377,566
Florida Investment Quality	23,259,525	1,213,803	—	1,213,803
Florida Income	150,490,493	8,210,069	520,866	8,730,935
New Jersey Investment Quality	20,787,403	1,096,536	94,180	1,190,716
New Jersey Income	167,224,975	11,658,543	—	11,658,543
New York Investment Quality	27,665,809	1,808,086	—	1,808,086
New York Income	300,652,612	13,776,368	15,310	13,791,678

For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2004, the Trusts’ 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:

	Capital Loss			Capital Loss
	Carryforward			Carryforward
Trust	Amounts	Expires	Trust	Amounts	Expires
Municipal Investment Quality	$ 4,081,536	2012	Florida Income	$ 1,204,636	2012
	2,870,542	2011		210,077	2010
	324,268	2010		$ 1,414,713
	133,706	2009
	5,068,444	2008	New Jersey Investment Quality	$ 57,410	2008
	312,281	2007	New Jersey Income	$ 1,662,124	2012
	$ 12,790,777			28,207	2011
Municipal Income	$ 15,767,389	2012		615,438	2010
	21,749,554	2011		49,975	2009
	15,055,804	2010		$ 2,355,744
	526,271	2009
	$ 53,099,018		New York Investment Quality	$ 3,511	2008
			New York Income	$ 485,438	2012
California Investment Quality	$ 129,669	2012		2,021,656	2011
California Income	$ 4,943,577	2012		68,166	2010
	124,338	2011		$ 2,575,260
	2,398,646	2010
	$ 7,466,561

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.

56

Note 4. Distributions to Shareholders The tax character of distributions paid during the six months ended April 30, 2005 and the year ended October 31, 2004, were as follows:

		Long-term
Distributions
Paid From:	Tax-exempt
Income	Capital
Gains	Total
Distributions
Municipal
Investment Quality	$ 8,958,381	$ —	$ 8,958,381
Municipal
Income	24,591,439	—	24,591,439
California
Investment Quality	481,878	—	481,878
California
Income	7,861,373	—	7,861,373
Florida
Investment Quality	548,230	138,032	686,262
Florida
Income	3,450,703	—	3,450,703
New
Jersey Investment Quality	470,356	—	470,356
New Jersey
Income	3,909,457	—	3,909,457
New
York Investment Quality	647,276	—	647,276
New York
Income	6,522,146	—	6,522,146
	Year
ended October 31, 2004
		Long-term
Distributions
Paid From:	Tax-exempt
Income	Capital
Gains	Total
Distributions
Municipal
Investment Quality	$ 16,835,037	$ —	$ 16,835,037
Municipal
Income	46,292,037	—	46,292,037
California
Investment Quality	914,331	52,167	966,498
California
Income	14,956,172	—	14,956,172
Florida
Investment Quality	1,035,510	280,521	1,316,031
Florida
Income	6,560,247	—	6,560,247
New
Jersey Investment Quality	882,402	—	882,402
New Jersey
Income	7,306,552	—	7,306,552
New
York Investment Quality	1,239,550	—	1,239,550
New York
Income	12,378,534	—	12,378,534

As of April 30, 2005, the estimated components of distributable earnings on a tax basis were as follows:

	Undistributed	Undistributed	Undistributed — Long-term	Unrealized
Trust	Tax-exempt Income	Ordinary Income	Gains	Net Appreciation
Municipal Investment Quality	$ 14,318,689	$ —	$ —	$ 26,201,192
Municipal Income	24,995,653	—	—	51,661,625
California Investment Quality	346,929	—	—	949,164
California Income	7,862,420	—	—	17,421,216
Florida Investment Quality	502,134	878	21,435	1,209,608
Florida Income	3,213,665	—	—	8,367,116
New Jersey Investment Quality	647,675	—	—	1,187,468
New Jersey Income	4,180,215	—	—	11,216,233
New York Investment Quality	666,221	—	25,408	1,802,803
New York Income	6,457,735	—	—	13,155,556

Note 5. Capital There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At April 30, 2005, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows:

	Common	Common		Common	Common
	Shares	Shares		Shares	Shares
Trust	Outstanding	Owned	Trust	Outstanding	Owned
Municipal Investment Quality	16,707,093	—	Florida Income	6,646,343	—
Municipal Income	43,588,385	—	New Jersey Investment Quality	1,007,093	—
California Investment Quality	1,007,093	—	New Jersey Income	7,414,793	—
California Income	14,985,501	—	New York Investment Quality	1,307,093	—
Florida Investment Quality	1,127,093	—	New York Income	12,521,494	—

There were no transactions in common shares of beneficial interest for the six months ended April 30, 2005. During the year ended October 31, 2004, Municipal Income issued 35,706 additional shares under its dividend reinvestment plan.

As of April 30, 2005, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

57

Trust	Series	Shares	Trust	Series	Shares
Municipal Investment Quality	T7	3,262	Florida Investment Quality	R7	340
	T28	2,600	Florida Income	T7	2,302
Municipal Income	M7	3,001	New Jersey Investment Quality	T7	300
	T7	3,001	New Jersey Income	R7	2,552
	W7	3,001	New York Investment Quality	F7	392
	R7	3,001	New York Income	W7	2,195
	F7	3,001		F7	2,195
California Investment Quality	W7	300
California Income	T7	2,639
	R7	2,639

Dividends on seven-day preferred shares are cumulative at a rate which resets every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the six months ended April 30, 2005 were as follows:

Trust	Low	High	Trust	Low	High
Municipal Investment Quality	1.40 %	2.40 %	Florida Income	0.40 %	2.50 %
Municipal Income	1.25	2.82	New Jersey Investment Quality	1.20	2.51
California Investment Quality	0.75	1.90	New Jersey Income	1.30	2.71
California Income	0.50	2.45	New York Investment Quality	0.60	2.53
Florida Investment Quality	0.60	3.10	New York Income	0.75	2.69

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%.

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’s Declaration of Trust, are not satisfied.

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’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.

Note 6. Dividends Subsequent to April 30, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2005, to shareholders of record on May 15, 2005. The per share common dividends declared were as follows:

Trust	Common Dividend — Per Share	Trust	Common Dividend — Per Share
Municipal Investment Quality	$ 0.076189	Florida Income	$ 0.075375
Municipal Income	0.081125	New Jersey Investment Quality	0.067148
California Investment Quality	0.070600	New Jersey Income	0.075108
California Income	0.076074	New York Investment Quality	0.073125
Florida Investment Quality	0.070781	New York Income	0.075339

The dividends declared on preferred shares for the period May 1, 2005 to May 31, 2005 for each of the Trusts were as follows:

Trust	Series	Dividends — Declared	Trust	Series	Dividends — Declared
Municipal Investment Quality	T7	$ 166,558	Florida Investment Quality	R7	$ 17,445
	T28	142,116	Florida Income	T7	122,259
Municipal Income	M7	198,366	New Jersey Investment Quality	T7	14,181
	T7	155,512	New Jersey Income	R7	123,313
	W7	152,601	New York Investment Quality	F7	23,336
	R7	157,673	New York Income	W7	87,559
	F7	170,877		F7	126,827
California Investment Quality	W7	10,968
California Income	T7	97,933
	R7	99,068

58

Note 7. Reimbursements 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 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 Investment 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.

Note 8. Investment Policy 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 its managed assets, measured at the time of purchase, in securities rated BB/Ba or B by Moody’s Investors Service, Inc., Standard & Poor’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.

59

DIVIDEND REINVESTMENT PLANS

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled to have all distributions of dividends and capital gains reinvested by EquiServe Trust Company, N.A. (the “Plan Agent”) in the respective Trust’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.

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’ account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). The Investment Quality Trusts will not issue any new shares under the Plan.

After an Income Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’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 “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.

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.

The Plan Agent’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’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.

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.

ADDITIONAL INFORMATION

The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise indicated, expiring in 2008:

Municipal Investment Quality
Elected the Class III Directors as follows:
Director	Votes For	Votes Withheld
Andrew F. Brimmer	15,776,989	162,414
Kent Dixon	15,790,063	149,340
Kathleen F. Feldstein	15,789,187	150,216
Robert S. Kapito	15,797,525	141,878
Elected the Class II Director as follows:
Director	Votes For	Votes Withheld
R. Glenn Hubbard 1	15,780,934	158,469
Municipal Income
Elected the Class I Trustees as follows:
Trustee	Votes
For	Votes Withheld
Richard E. Cavanagh 2	14,327	69
R. Glenn Hubbard	41,701,963	548,933
James Clayburn La Force, Jr.	41,674,620	576,276
Elected the Class II Trustee as follows:
Trustee	Votes
For	Votes Withheld
Kathleen F. Feldstein 1	41,657,525	593,371

60

California Investment Quality
Elected the Class II Directors as follows:
Director	Votes
For	Votes Withheld
Frank J. Fabozzi 2	300	0
Kathleen F. Feldstein	986,949	519
Walter F. Mondale	974,396	13,072
Ralph L. Schlosstein	986,949	519
Elected the Class I Director as follows:
Director	Votes
For	Votes Withheld
R. Glenn Hubbard 1	986,949	519
California Income
Elected the Class I Trustees as follows:
Trustee	Votes
For	Votes Withheld
Richard E. Cavanagh 2	5,116	4
R. Glenn Hubbard	13,999,340	168,627
James Clayburn La Force, Jr.	13,997,723	170,244
Elected the Class II Trustee as follows:
Trustee	Votes
For	Votes Withheld
Kathleen F. Feldstein 1	14,002,090	165,877
Florida Investment Quality
Elected the Class II Trustees as follows:
Trustee	Votes
For	Votes Withheld
Frank J. Fabozzi 2	334	6
Kathleen F. Feldstein	1,047,769	12,269
Walter F. Mondale	1,045,889	14,149
Ralph L. Schlosstein	1,049,769	10,269
Florida Income
Elected the Class I Trustees as follows:
Trustee	Votes
For	Votes Withheld
Richard E. Cavanagh 2	2,291	0
R. Glenn Hubbard	6,476,113	63,478
James Clayburn La Force, Jr.	6,463,079	76,512
Elected the Class II Trustee as follows:
Trustee	Votes
For	Votes Withheld
Kathleen F. Feldstein 1	6,475,148	64,443
New Jersey Investment Quality
Elected the Class II Directors as follows:
Director	Votes
For	Votes Withheld
Frank J. Fabozzi 2	300	0
Kathleen F. Feldstein	958,273	7,713
Walter F. Mondale	958,273	7,713
Ralph L. Schlosstein	954,137	11,849
Elected Class I Director as follows:
Director	Votes
For	Votes Withheld
R. Glenn Hubbard 1	958,637	7,349

61

New Jersey Income
Elected Class I Trustees as follows:
Trustee	Votes
For	Votes Withheld
Richard E. Cavanagh 2	2,439	21
R. Glenn Hubbard	6,283,961	59,847
James Clayburn La Force, Jr.	6,272,318	71,490
Elected the Class II Trustee as follows:
Trustee	Votes
For	Votes Withheld
Kathleen F. Feldstein 1	6,280,502	63,306
New York Investment Quality
Elected the Class II Directors as follows:
Director	Votes
For	Votes Withheld
Frank J. Fabozzi 2	391	0
Kathleen F. Feldstein	1,236,209	11,681
Walter F. Mondale	1,236,209	11,681
Ralph L. Schlosstein	1,236,209	11,681
Elected the Class I Director as follows:
Director	Votes
For	Votes Withheld
R. Glenn Hubbard 1	1,236,209	11,681
New York Income
Elected the Class I Trustees as follows:
Trustee	Votes
For	Votes Withheld
Richard E. Cavanagh 2	4,343	20
R. Glenn Hubbard	11,850,671	156,695
James Clayburn La Force, Jr.	11,872,328	135,038
Elected the Class II Trustee as follows:
Trustee	Votes
For	Votes Withheld
Kathleen F. Feldstein 1	11,875,053	132,313

| 1 | Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the Class of Directors/Trustees to which they were elected, if such class was not standing for election at the May 26, 2005 Annual Shareholder
Meeting. |
| --- | --- |
| 2 | Voted on by the holders of preferred shares only. |

The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Directors allowed on its repsective Board to 11:

Muncipal Income	40,958,191	Votes Against — 799,400	Votes Withheld — 493,303
California Income	13,811,034	220,932	136,000
Florida Income	6,389,062	90,912	59,616
New Jersey Income	6,200,512	96,059	47,237
New York Income	11,691,739	181,459	134,168

The following Trust had an additional proposal (Proposal #2B) to amend its respective Declaration of Trust in order to reduce the maximum number of permitted Directors allowed on its respective Board from 15 to 11:

	Votes For	Votes Against	Votes Withheld
Florida Investment Quality	1,039,665	3,000	17,373

During the period, there were no material changes in any Trust’s investment objective or policies or to any Trust’s charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolio.

Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

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—Director and Vice Chairman of the Advisor and the Sub-Advisor, Kevin M. Klingert—Director of BlackRock Advisors, Inc. and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto—Managing Directors of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

62

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[This Page Intentionally Left Blank]

BlackRock Closed-End Funds

Trustees	Transfer Agent
Ralph L. Schlosstein, Chairman	EquiServe Trust Company, N.A.
Andrew F. Brimmer	250 Royall Street
Richard E. Cavanagh	Canton, MA 02021
Kent Dixon	(800) 699-1BFM
Frank J. Fabozzi	Auction Agent 3
Kathleen F. Feldstein 1	Bank of New York
R. Glenn Hubbard 2	100 Church Street, 8th Floor
Robert S. Kapito	New York, NY 10286
James Clayburn La Force, Jr.	Auction Agent 4
Walter F. Mondale	Deutsche
Bank Trust Company Americas
	60
Wall Street, 27th Floor
Officers	New
York, NY 10005
Robert S. Kapito, President	Independent Registered
Public Accounting Firm
Henry Gabbay, Treasurer	Deloitte & Touche
LLP
Bartholomew Battista, Chief Compliance Officer	200
Berkeley Street
Anne
Ackerley, Vice
President	Boston,
MA 02116
Kevin M. Klingert, Vice President	Legal Counsel
Richard M. Shea, Vice President/Tax	Skadden,
Arps, Slate, Meagher & Flom LLP
James Kong, Assistant Treasurer	4
Times Square
Vincent B. Tritto, Secretary	New
York, NY 10036
Brian P. Kindelan, Assistant Secretary	Legal Counsel – Independent
Trustees
Investment Advisor	Debevoise & Plimpton
LLP
BlackRock Advisors, Inc.	919
Third Avenue
100 Bellevue Parkway	New
York, NY 10022
Wilmington, DE 19809	This
report is for shareholder information. This is
not a prospec-
(800) 227-7BFM	tus intended
for use in the purchase or sale of Trust shares.
Sub-Advisor 3	Statements
and other information contained in this report
are as
BlackRock Financial Management, Inc.	dated and
are subject to change.
40 East 52nd Street
New York,
NY 10022	BlackRock
Closed-End Funds
Accounting Agent and Custodian	c/o BlackRock
Advisors, Inc.
State Street
Bank and Trust Company	100 Bellevue
Parkway
225 Franklin
Street	Wilmington,
DE 19809
Boston,
MA 02110	(800) 227-7BFM

| 1 | Appointed as a Trustee of the Investment Quality Trusts on January 19, 2005. Appointed as an Advisory Board Member of the Income Trusts on January 19, 2005. Elected by Shareholders on May 26, 2005 as a Trustee of each
Trust, except Municipal Investment Quality, for which Ms. Feldstein’s class of directors did not stand for election. |
| --- | --- |
| 2 | Appointed as a Trustee of each Trust on November 16, 2004. Elected by Shareholders on May 26, 2005 as a Trustee of each Trust, except Florida Investment Quality for which Mr. Hubbard’s class of directors did not stand
for election. |
| 3 | For the Income Trusts. |
| 4 | For the Investment Quality Trusts. |

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 “householding” 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.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’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 “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ 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.

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’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q, when available, may be reviewed and copied at the Commission’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’s Form N-Q, when available, may also be obtained, upon request, by calling (800) 699-1BFM.

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. CEF-SEMI-2

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Schedule of Investments.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable because no such purchases were made during the period covered by this report.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable because no applicable matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.

(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’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.

(b) The Registrant's principal executive officer and principal financial officer are aware of no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a) (3) Not applicable.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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.

(Registrant) BlackRock Municipal Income Trust

By: /s/ Henry Gabbay _______________ Name: Henry Gabbay Title: Treasurer Date: July 1, 2005

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.

By: /s/ Robert S. Kapito _______________ Name: Robert S. Kapito Title: Principal Executive Officer Date: July 1, 2005

By: /s/ Henry Gabbay _______________ Name: Henry Gabbay Title: Principal Financial Officer Date: July 1, 2005