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BLACKROCK MUNICIPAL INCOME TRUST

Regulatory Filings • Jan 7, 2005

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N-CSR 1 c34655_ncsr.htm c34560_ncsr

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, 2004

Date of reporting period: October 31, 2004

Item 1. Reports to Shareholders.

The Registrant’s 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
Annual Report
OCTOBER 31, 2004
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 34
Statements of Operations 36
Statements of Changes in Net Assets 38
Financial Highlights 42
Notes to Financial Statements 52
Report of Independent Registered Public Accounting Firm 57
Directors/Trustees Information 58
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

October 31, 2004

Dear Shareholder:

We are pleased to report that during the annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ audited 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 October 31, 2004.

Trust (Ticker) Current Yield 1 Tax- Equivalent Yield 1 Closing Market Price NAV
BlackRock Investment Quality Municipal Trust (BKN) 6.05 % 9.31 % $15.12 $15.71
BlackRock Municipal Income Trust (BFK) 6.93 10.66 14.05 14.26
BlackRock California Investment Quality Municipal Trust (RAA) 5.92 9.11 14.30 14.43
BlackRock California Municipal Income Trust (BFZ) 6.69 10.29 13.65 14.77
BlackRock Florida Investment Quality Municipal Trust (RFA) 5.94 9.14 14.30 15.02
BlackRock Florida Municipal Income Trust (BBF) 6.28 9.66 14.40 15.27
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) 5.37 8.26 15.00 14.79
BlackRock New Jersey Municipal Income Trust (BNJ) 6.24 9.60 14.45 15.38
BlackRock New York Investment Quality Municipal Trust (RNY) 6.05 9.31 14.50 15.35
BlackRock New York Municipal Income Trust (BNY) 6.46 9.94 13.99 15.28

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 September 30, 2004, BlackRock managed over $20 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’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.

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

1

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $15.12
Net Asset Value as of 10/31/04: $15.71
Yield on Closing Market Price as of 10/31/04 ($15.12): 1 6.05 %
Current Monthly Distribution per Common Share: 2 $0.076189
Current Annualized Distribution per Common Share: 2 $0.914268
Leverage as of 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $ 15.12 $ 14.26 6.03 % $ 15.36 $ 13.09
NAV $ 15.71 $ 15.28 2.81 % $ 16.08 $ 15.02

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

Portfolio Composition — Sector October 31, 2004 October 31, 2003
City, County & State 18 % 12 %
Industrial & Pollution Control 13 17
Lease Revenue 12 13
Hospital 11 11
Education 11 12
Transportation 8 10
Power 8 7
Tax Revenue 6 4
Water & Sewer 3 1
Housing 3 4
Tobacco 3 6
Other 4 3
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 44 % 46 %
AA/Aa 6 7
A 19 20
BBB/Baa 21 19
BB/Ba 2 3
Not Rated 8 5

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
OCTOBER 31, 2004
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 10/31/04: $14.05
Net Asset Value as of 10/31/04: $14.26
Yield on Closing Market Price as of 10/31/04 ($14.05): 1 6.93 %
Current Monthly Distribution per Common Share: 2 $0.081125
Current Annualized Distribution per Common Share: 2 $0.973500
Leverage as of 10/31/04: 3 38 %

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:

10/31/04 10/31/03 Change High Low
Market Price $ 14.05 $ 13.70 2.55 % $ 14.78 $ 12.36
NAV $ 14.26 $ 13.87 2.81 % $ 14.92 $ 13.58

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

Portfolio Composition

Sector October 31, 2004 October 31, 2003
Hospital 23 % 22 %
Industrial & Pollution Control 19 22
City, County & State 13 5
Transportation 8 8
Lease Revenue 7 8
Housing 7 10
Education 6 7
Water & Sewer 4 1
Tobacco 4 10
Tax Revenue 3 1
Power 1 1
Other 5 5
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 19 % 15 %
AA/Aa 4 4
A 32 27
BBB/Baa 32 44
BB/Ba 2 —
B 4 5
Not Rated 7 5

4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

3

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $ 14.30
Net Asset Value as of 10/31/04: $ 14.43
Yield on Closing Market Price as of 10/31/04 ($14.30): 1 5.92 %
Current Monthly Distribution per Common Share: 2 $ 0.0706
Current Annualized Distribution per Common Share: 2 $ 0.8472
Leverage as of 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $ 14.30 $ 14.03 1.92 % $ 14.50 $ 12.35
NAV $ 14.43 $ 14.56 (0.89 )% $ 14.91 $ 13.93

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

Portfolio Composition — Sector October 31, 2004 October 31, 2003
Lease Revenue 24 % 17 %
City, County & State 24 25
Transportation 14 24
Education 11 11
Tobacco 10 8
Industrial & Pollution Control 8 7
Power 7 6
Water & Sewer 2 2
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 36 % 45 %
AA/Aa 7 11
A 18 12
BBB/Baa 22 18
B 5 5
Not Rated 12 9

4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

4

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $ 13.65
Net Asset Value as of 10/31/04: $ 14.77
Yield on Closing Market Price as of 10/31/04 ($13.65): 1 6.69 %
Current Monthly Distribution per Common Share: 2 $ 0.076074
Current Annualized Distribution per Common Share: 2 $ 0.912888
Leverage as of 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $13.65 $13.21 3.33 % $14.18 $12.08
NAV $14.77 $13.97 5.73 % $15.08 $13.71

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

Portfolio Composition — Sector October 31, 2004 October 31, 2003
City, County & State 22 % 15 %
Lease Revenue 14 13
Transportation 12 11
Tobacco 11 10
Education 10 10
Hospital 9 9
Power 7 7
Housing 6 16
Industrial & Pollution Control 2 1
Tax Revenue — 1
Other 7 7
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 28 % 30 %
AA/Aa 3 —
A 33 31
BBB/Baa 24 20
BB/Ba — 1
B 1 —
Not Rated 5 11 18

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 October 31, 2004, the market value of these securities was $8,107,293, representing 2.3% of the Trust’s long-term investments.

5

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $14.30
Net Asset Value as of 10/31/04: $15.02
Yield on Closing Market Price as of 10/31/04 ($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 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $14.30 $14.47 (1.17 )% $15.95 $13.12
NAV $15.02 $15.39 (2.40 )% $15.46 $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 October 31, 2004 October 31, 2003
Tax Revenue 20 % 21 %
Education 16 23
Transportation 16 14
City, County & State 14 9
Hospital 12 4
Lease Revenue 10 9
Power 6 14
Housing 5 5
Water & Sewer 1 1
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 61 % 72 %
AA/Aa — 4
A 11 7
BBB/Baa 16 13
BB/Ba 3 —
Not Rated 9 4

4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

6

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $14.40
Net Asset Value as of 10/31/04: $15.27
Yield on Closing Market Price as of 10/31/04 ($14.40): 1 6.28 %
Current Monthly Distribution per Common Share: 2 $0.075375
Current Annualized Distribution per Common Share: 2 $0.904500
Leverage as of 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $14.40 $13.36 7.78 % $14.75 $12.59
NAV $15.27 $14.68 4.02 % $15.61 $14.42

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

Portfolio Composition — Sector October 31, 2004 October 31, 2003
City, County & State 34 % 31 %
Hospital 19 22
Water & Sewer 8 8
Power 8 8
Education 7 7
Housing 6 6
Tax Revenue 6 5
Lease Revenue 5 5
Tobacco 3 4
Transportation 3 3
Industrial & Pollution Control 1 1
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 22 % 19 %
AA/Aa 40 42
A 9 13
BBB/Baa 13 11
BB/Ba 2 —
Not Rated 5 14 15

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 October 31, 2004, the market value of these securities was $1,745,869, representing 1.1% of the Trust’s long-term investments.

7

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $15.00
Net Asset Value as of 10/31/04: $14.79
Yield on Closing Market Price as of 10/31/04 ($15.00): 1 5.37 %
Current Monthly Distribution per Common Share: 2 $0.067148
Current Annualized Distribution per Common Share: 2 $0.805776
Leverage as of 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $15.00 $14.80 1.35 % $15.61 $12.85
NAV $14.79 $14.90 (0.74 )% $15.39 $14.44

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

Portfolio Composition — Sector October 31, 2004 October 31, 2003
Transportation 34 % 32 %
Hospital 11 15
Education 11 11
Industrial & Pollution Control 6 4
Water & Sewer 6 5
City, County & State 6 5
Resource Recovery 5 5
Tax Revenue 5 5
Housing 5 1
Tobacco 5 4
Power — 8
Other 6 5
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 56 % 64 %
AA/Aa 11 10
A 11 10
BBB/Baa 18 7
B 4 4
Not Rated — 5

4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

8

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $14.45
Net Asset Value as of 10/31/04: $15.38
Yield on Closing Market Price as of 10/31/04 ($14.45): 1 6.24 %
Current Monthly Distribution per Common Share: 2 $0.075108
Current Annualized Distribution per Common Share: 2 $0.901296
Leverage as of 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $14.45 $14.04 2.92 % $15.12 $12.72
NAV $15.38 $14.59 5.41 % $15.68 $14.33

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

Portfolio Composition — Sector October 31, 2004 October 31, 2003
Hospital 23 % 21 %
City, County & State 12 7
Transportation 11 14
Lease Revenue 11 15
Tobacco 9 9
Housing 9 16
Tax Revenue 5 2
Industrial & Pollution Control 5 3
Education 5 3
Water & Sewer — 1
Other 10 9
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 25 % 32 %
AA/Aa — 5
A 29 20
BBB/Baa 44 31
B 2 3
Not Rated — 9

4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

9

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $14.50
Net Asset Value as of 10/31/04: $15.35
Yield on Closing Market Price as of 10/31/04 ($14.50): 1 6.05 %
Current Monthly Distribution per Common Share: 2 $0.073125
Current Annualized Distribution per Common Share: 2 $0.877500
Leverage as of 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $14.50 $14.18 2.26 % $14.92 $12.93
NAV $15.35 $15.34 0.07 % $15.79 $14.81

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

Portfolio Composition — Sector October 31, 2004 October 31, 2003
Education 20 % 33 %
City, County & State 18 19
Tax Revenue 13 8
Water & Sewer 12 7
Industrial & Pollution Control 11 10
Lease Revenue 8 11
Housing 8 3
Hospital 4 3
Transportation 4 —
Tobacco 2 2
Power — 4
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 31 % 37 %
AA/Aa 33 26
A 21 25
BBB/Baa 6 5
BB/Ba 5 4
Caa 4 3

4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

10

TRUST SUMMARIES
OCTOBER 31, 2004
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 10/31/04: $13.99
Net Asset Value as of 10/31/04: $15.28
Yield on Closing Market Price as of 10/31/04 ($13.99): 1 6.46 %
Current Monthly Distribution per Common Share: 2 $0.075339
Current Annualized Distribution per Common Share: 2 $0.904068
Leverage as of 10/31/04: 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:

10/31/04 10/31/03 Change High Low
Market Price $13.99 $13.45 4.01 % $14.82 $12.38
NAV $15.28 $14.76 3.52 % $15.73 $14.25

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

Portfolio Composition — Sector October 31, 2004 October 31, 2003
Transportation 17 % 17 %
Lease Revenue 13 19
Industrial & Pollution Control 12 10
Education 12 9
Tobacco 10 11
Housing 7 8
Tax Revenue 7 4
City, County & State 6 6
Hospital 5 5
Water & Sewer 4 4
Other 7 7
Credit Quality Allocations 4
Credit Rating October 31, 2004 October 31, 2003
AAA/Aaa 24 % 23 %
AA/Aa 19 23
A 26 25
BBB/Baa 27 19
BB/Ba 1 —
CCC/Caa 3 3
Not Rated — 7

4 Using the higher of S&P’s, Moody’s or Fitch’s rating.

11

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock Investment Quality Municipal Trust (BKN)
Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—151.0%
Alabama—5.9%
AAA $ 14,000 Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA 09/10 @ 101 $ 15,522,360
Alaska—2.4%
AAA 6,015 Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA 12/05 @ 102 6,226,668
California—20.7%
A 5,770 California, GO, 5.625%, 5/01/18 05/10 @ 101 6,511,157
BBB 3,495 Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40 01/10 @ 101 3,532,536
Golden St. Tobacco Sec. Corp., Ser. B,
A- 13,000 5.50%, 6/01/43 06/13 @ 100 13,663,650
A- 6,900 5.625%, 6/01/38 06/13 @ 100 7,312,413
AAA 10,945 Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA 08/13 @ 53.632 3,752,493
AAA 15,460 Los Angeles Cnty., Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC No Opt. Call 17,293,401
San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,
NR 795 5.90%, 9/01/28 09/10 @ 102 806,361
NR 1,485 5.95%, 9/01/35 09/10 @ 102 1,506,176
54,378,187
Colorado—0.9%
AAA 2,250 3 E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05 N/A 2,410,875
Connecticut—1.6%
Baa3 3,000 Mashantucket Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%, 9/01/28 09/09 @ 101 3,066,210
BBB- 1,140 Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 5.25%, 1/01/33 01/14 @ 100 1,145,084
4,211,294
District of Columbia—1.8%
BBB 4,960 Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 No Opt. Call 4,684,075
Florida—9.1%
NR 2,135 Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34 05/13 @ 101 2,175,074
NR 3,700 Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum, Ser. A, 7.125%, 4/01/30 10/10 @ 101 4,037,921
BB 4,755 Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100 5,064,313
NR 2,515 Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36 05/12 @ 101 2,553,756
NR 10,000 Village Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 05/13 @ 100 10,119,800
23,950,864
Georgia—5.6%
AAA 12,785 Atlanta Wtr. and Wstwtr., 5.00%, 11/01/43, FSA 11/14 @ 100 13,031,111
BBB 1,500 Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn., 6.00%, 9/01/33 09/14 @ 101 1,569,675
14,600,786
Hawaii—1.1%
AAA 2,500 Hawaii Dept. of Budget & Fin., Hawaiian Elec. Co. Inc., Ser. D, 6.15%, 1/01/20, AMBAC 01/09 @ 101 2,824,750
Illinois—16.1%
NR 1,920 Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 No Opt. Call 1,924,186
AAA 3,500 Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA 01/13 @ 100 3,575,425
Chicago Brd. of Ed., Sch. Reform, AMBAC,
AAA 8,960 3 5.75%, 12/01/07 N/A 10,086,182
AAA 1,040 5.75%, 12/01/27 12/07 @ 102 1,150,604
AAA 5,000 Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA ETM 6,611,800
Illinois Edl. Fac. Auth., FGIC,
AAA 4,000 5.45%, 7/01/14 11/04 @ 101 4,057,120
AAA 5,000 5.70%, 7/01/13 11/04 @ 101 5,073,850
AA+ 5,800 Illinois Fin. Auth., Northwestern Mem. Hosp., Ser. A, 5.50%, 8/15/43 08/14 @ 100 6,023,590
AAA 3,540 O’Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA 01/14 @ 100 3,639,085
42,141,842
Indiana—4.0%
BBB 10,000 Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 5.10%, 1/15/17 No Opt. Call 10,497,400
Kentucky—2.4%
AAA 15,715 Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/23, MBIA No Opt. Call 6,179,295

See Notes to Financial Statements.

12

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
Louisiana—3.5%
AAA $ 4,640 New Orleans, GO, 5.875%, 11/01/29, FSA 11/09 @ 100 $ 5,162,139
BBB 4,460 Tobacco Settlement Fin. Corp., Ser. B, 5.875%, 5/15/39 05/11 @ 101 3,907,852
9,069,991
Maryland—0.7%
BBB 1,740 Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33 08/14 @ 100 1,775,966
Michigan—1.6%
BB+ 4,000 4 Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 07/07 @ 101 4,167,360
Missouri—1.6%
Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,
BBB- 2,000 5.25%, 12/01/14 12/08 @ 102 1,993,360
BBB- 2,500 5.25%, 12/01/26 12/08 @ 102 2,254,525
4,247,885
Nevada—0.4%
AAA 1,000 Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC 07/14 @ 100 1,020,210
New Jersey—6.7%
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 2,236,560
BBB 7,000 New Jersey Econ. Dev. Auth., Cigarette Tax Rev., 5.75%, 6/15/29 06/14 @ 100 7,190,120
AAA 7,000 3 New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 6/15/10 N/A 8,140,650
17,567,330
New Mexico—0.7%
AAA 1,945 Farmington PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA 11/04 @ 101 1,971,296
New York—12.7%
New York City, GO,
A+ 4,140 Ser. A, 6.00%, 8/01/05 No Opt. Call 4,264,117
A 4,805 5 Ser. E, 6.50%, 2/15/06 ETM 5,084,988
A+ 2,195 5 Ser. E, 6.50%, 2/15/06 No Opt. Call 2,313,113
New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A- 4,000 6.00%, 1/01/08 11/04 @ 102 4,069,960
A- 1,000 6.00%, 1/01/15 11/04 @ 102 1,017,490
New York City Transl. Fin. Auth., Ser. B,
AAA 8,145 3 6.00%, 5/15/10 N/A 9,546,754
AA+ 1,855 6.00%, 11/15/21 05/10 @ 101 2,133,788
New York Dorm. Auth., Univ. of Rochester, Ser. A, MBIA,
AAA 2,030 Zero Coupon, 7/01/23 07/10 @ 101 1,599,011
AAA 1,865 Zero Coupon, 7/01/21 07/10 @ 101 1,481,295
A+ 1,955 New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%, 11/01/04 No Opt. Call 1,955,000
33,465,516
North Carolina—2.2%
AAA 5,000 No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC No Opt. Call 5,712,350
Ohio—3.8%
Cuyahoga Cnty.,
A1 3,485 Cleveland Clinic Hlth. Sys., 6.00%, 1/01/20 07/13 @ 100 3,923,866
A1 5,000 Cleveland Clinic Hlth. Sys., 6.00%, 1/01/21 07/13 @ 100 5,606,500
AAA 335 Port Auth., Port Dev. Proj., 6.00%, 3/01/07 ETM 355,753
9,886,119
Oregon—1.7%
BB+ 4,300 Klamath Falls Elec., Klamath Cogen, 5.50%, 1/01/07 No Opt. Call 4,399,889
Pennsylvania—5.0%
McKeesport Area Sch. Dist., FGIC,
AAA 870 Zero Coupon, 10/01/31 ETM 226,826
AAA 2,435 Zero Coupon, 10/01/31 No Opt. Call 600,666
Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,
A3 2,000 6.25%, 11/01/31 05/11 @ 101 2,091,100
A3 3,100 6.375%, 11/01/41 05/11 @ 101 3,245,390
A 2,750 Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.875%, 1/01/15 01/06 @ 101 2,858,928
AAA 4,000 Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog., 5.50%, 6/15/20, FGIC 06/06 @ 100 4,207,120
13,230,030

See Notes to Financial Statements.

13

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
Rhode Island—0.8%
AAA $ 2,000 Rhode Island Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA 05/07 @ 102 $ 2,155,620
South Carolina—3.3%
So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,
BBB 2,185 Ser. A, 6.25%, 8/01/31 08/13 @ 100 2,311,708
BBB 4,000 Ser. C, 6.875%, 8/01/27 08/13 @ 100 4,427,960
BBB 2,090 Tobacco Settlement Rev. Mgmt. Auth., Ser. B, 6.375%, 5/15/30 No Opt. Call 1,949,322
8,688,990
Tennessee—5.1%
Baa1 7,800 Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24 11/04 @ 102 8,004,906
AAA 4,865 Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC 03/10 @ 101 5,380,496
13,385,402
Texas—10.7%
BBB 4,300 Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 10/13 @ 101 4,581,908
Dallas Cnty. Util. & Cap. Reclam. Dist., Ser. A, AMBAC,
AAA 6,085 Zero Coupon, 2/15/19 02/05 @ 44.538 2,685,615
AAA 3,800 Zero Coupon, 2/15/20 02/05 @ 41.799 1,573,352
AAA 6,000 Grapevine, GO, 5.875%, 8/15/24, FGIC 08/10 @ 100 6,789,420
AAA 5,000 Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA 11/30 @ 61.166 727,250
AAA 1,250 Northside Indpt. Sch. Dist., Ser. A, 5.00%, 2/15/32 02/12 @ 100 1,269,713
Baa1 6,320 Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26 11/11 @ 102 6,265,711
AAA 15,000 Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC 08/12 @ 32.807 3,133,350
AA+ 1,000 Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22 08/10 @ 100 1,125,940
28,152,259
Utah—1.2%
Intermountain Pwr. Agcy., Pwr. Sply. Rev.,
AAA 1,950 5.00%, 7/01/13, AMBAC ETM 1,957,761
A+ 1,145 Ser. B, 5.00%, 7/01/16 ETM 1,148,469
3,106,230
Washington—7.5%
Washington, GO,
Aa1 4,000 Ser. A, 5.375%, 7/01/21 07/06 @ 100 4,136,840
Aa1 1,000 Ser. B, 6.00%, 1/01/25 01/10 @ 100 1,124,850
AAA 13,395 Washington Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA 07/06 @ 102 14,417,440
19,679,130
Wisconsin—1.3%
A- 3,220 Wisconsin Hlth. & Edl. Facs. Auth., Aurora Hlth. Care, 6.40%, 4/15/33 04/13 @ 100 3,518,816
Wyoming—4.0%
A3 10,000 Sweetwater Cnty. PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26 07/06 @ 102 10,574,400
Multi-State—4.9%
Baa1 7,000 6 Charter Mac Equity Issuer Trust, Ser. B, Zero Coupon, 11/30/50 11/10 @ 100 8,101,660
Baa1 4,000 6 MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 11/10 @ 100 4,729,120
12,830,780
Total Long-Term Investments (cost $365,778,575) 396,233,965
SHORT-TERM INVESTMENTS—5.1%
New York—1.2%
A1+ 3,100 7 New York City Transl. Fin. Auth., Ser. A-1, 1.75%, 11/03/04, FRWD N/A 3,100,000
Puerto Rico—0.1%
A-1 400 7 Puerto Rico Gov’t. Dev. Bank, 1.70%, 11/03/04, MBIA, FRWD N/A 400,000

See Notes to Financial Statements.

14

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Shares — (000 ) Description Value
Money Market Fund—3.8%
10,000 AIM Tax Free Investment Co. Cash Reserve Portfolio $ 10,000,000
Total Short-Term Investments (cost $13,500,000) 13,500,000
Total Investments—156.1% (cost $379,278,575) $ 409,733,965
Liabilities in excess of other assets—(0.2)% (625,385 )
Preferred shares at redemption value, including dividends payable—(55.9)% (146,633,612 )
Net Assets Applicable to Common Shareholders—100% $ 262,474,968
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.
3 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4 See Note 7 of Notes to Financial Statements.
5 Entire or partial principal amount pledged as collateral for financial futures contracts.
6 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust
held 4.9% of its net assets, with a current market value of $12,830,780, in securities restricted as to resale.
7 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is
adjusted. Rate shown as of October 31, 2004.
KEY TO ABBREVIATIONS — AMBAC — American Municipal Bond Assurance Corporation FSA — Financial Security Assurance
CAPMAC — Capital Markets Assurance Company GO — General Obligation
ETM — Escrowed to Maturity MBIA — Municipal Bond Insurance Association
FGIC — Financial Guaranty Insurance Company PCR — Pollution Control Revenue
FRWD — Floating Rate Weekly Demand

See Notes to Financial Statements.

15

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock Municipal Income Trust (BFK)
Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—157.1%
Alabama—6.3%
Baa2 $ 7,000 Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 06/05 @ 102 $ 7,252,070
A2 15,000 Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32 06/12 @ 101 15,832,500
BBB 15,000 Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35 05/12 @ 100 15,834,300
38,918,870
Arizona—1.2%
A3 7,000 Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care, 5.80%, 12/01/31 12/11 @ 101 7,368,830
California—21.7%
A 5,000 California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33 04/13 @ 100 5,208,800
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB 54,635 Zero Coupon, 1/15/32 01/10 @ 27.37 10,727,036
BBB 20,535 Zero Coupon, 1/15/34 01/10 @ 24.228 3,566,724
BBB 75,000 Zero Coupon, 1/15/38 01/10 @ 19.014 10,183,500
Golden St. Tobacco Sec. Corp.,
BBB 10,000 Ser. A-1, 6.625%, 6/01/40 06/13 @ 100 9,649,500
A- 30,600 Ser. B, 5.50%, 6/01/43 06/13 @ 100 32,162,130
A- 16,500 Ser. B, 5.625%, 6/01/38 06/13 @ 100 17,486,205
NR 3,500 Lincoln, Spl. Tax, Cmnty. Facs. Dist., 6.00%, 9/01/34 09/13 @ 102 3,544,135
Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,
B- 20,055 Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 12/12 @ 102 18,176,047
AAA 13,320 Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC 01/12 @ 100 13,804,582
NR 5,000 Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34 09/14 @ 100 5,085,250
San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,
NR 1,870 5.90%, 9/01/28 09/10 @ 102 1,896,722
NR 3,510 5.95%, 9/01/35 09/10 @ 102 3,560,053
135,050,684
Colorado—0.6%
BBB 3,500 Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31 12/11 @ 100 3,568,145
Connecticut—5.0%
A3 5,950 Connecticut Dev. Auth., Connecticut Lt. & Pwr., PCR, Ser. A, 5.85%, 9/01/28 10/08 @ 102 6,293,017
Mohegan Tribe Indians, Pub. Impvt. Priority Dist.,
BBB- 2,730 5.25%, 1/01/33 01/14 @ 100 2,742,176
BBB- 20,940 6.25%, 1/01/31 01/11 @ 101 22,135,255
31,170,448
District of Columbia—6.0%
District of Columbia,
A 2,390 Friendship Pub. Charter Sch. Inc., 5.25%, 6/01/33, ACA 06/14 @ 100 2,410,195
Georgetown Univ., Ser. A, MBIA,
AAA 15,600 Zero Coupon, 4/01/36 04/11 @ 22.875 2,503,800
AAA 51,185 Zero Coupon, 4/01/37 04/11 @ 21.546 7,724,840
BBB 25,535 Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 05/11 @ 101 24,897,902
37,536,737
Florida—12.5%
NR 3,000 Amelia Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.30%, 5/01/35 05/14 @ 101 3,075,930
NR 4,000 Bellalago Edu. Fac., Benefits Dist., Ser. B, 5.80%, 5/01/34 5/14 @ 100 3,974,840
NR 2,000 CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35 05/14 @ 101 2,046,500
Baa2 4,600 Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 09/06 @ 102 4,775,122
NR 2,000 Heritage Isle at Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35 5/12 @ 101 2,006,880
A 9,670 Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31 11/11 @ 101 10,406,757
BBB- 9,000 Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25 12/04 @ 102 9,196,380
BB 11,685 Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100 12,445,109
NR 3,705 Parkway Ctr. Cmnty. Dev. Dist., Ser. A, 6.30%, 5/01/34 05/14 @ 101 3,742,532
NR 5,945 Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36 05/12 @ 101 6,036,612
NR 3,970 Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35 05/14 @ 100 4,056,308
NR 10,000 Village Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 05/13 @ 100 10,119,800

See Notes to Financial Statements.

16

BlackRock Municipal Income Trust (BFK) (continued)

Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
Florida—(cont’d)
World Commerce Cmnty. Dev. Dist.,
NR $ 4,000 Ser. A-1, 6.50%, 5/01/36 05/14 @ 101 $ 4,056,880
NR 1,750 Ser. A-2, 6.125%, 5/01/35 05/14 @ 101 1,771,998
77,711,648
Georgia—6.4%
Atlanta Wtr. and Wstwtr., FSA,
AAA 10,000 5.00%, 11/01/37 11/14 @ 100 10,272,800
AAA 25,080 5.00%, 11/01/43 11/14 @ 100 25,562,790
BBB 4,000 Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25 02/12 @ 101 4,190,560
40,026,150
Idaho—2.9%
AAA 16,970 Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC 04/11 @ 100 17,819,349
Illinois—18.4%
Bolingbrook, Ser. B, FGIC,
AAA 7,120 Zero Coupon, 1/01/33 No Opt. Call 1,583,275
AAA 14,085 Zero Coupon, 1/01/34 No Opt. Call 2,968,977
NR 4,630 Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 No Opt. Call 4,640,093
AAA 2,480 Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA 01/13 @ 100 2,533,444
Illinois Dev. Fin. Auth.,
A 7,145 3 Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24 11/09 @ 101 7,470,669
A2 25,000 PCR, Ser. C, 5.95%, 8/15/26 12/06 @ 101 25,797,500
Illinois Edl. Facs. Auth.,
BBB 10,000 Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30 05/12 @ 101 10,264,700
BBB 7,000 Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34 05/07 @ 100 7,158,340
AA+ 20,000 Univ. of Chicago, Ser. A, 5.25%, 7/01/41 07/11 @ 101 20,726,600
AA+ 3,700 Illinois Fin. Auth., Northwestern Mem. Hosp., Ser. A, 5.50%, 8/15/43 08/14 @ 100 3,842,635
Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,
A2 5,000 5.50%, 1/01/22 01/13 @ 100 5,224,000
A2 6,000 5.625%, 1/01/28 01/13 @ 100 6,236,760
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 8,226,800
AAA 7,645 O’Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA 01/14 @ 100 7,858,984
114,532,777
Indiana—7.1%
A+ 9,000 Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31 09/11 @ 100 9,178,830
BBB 7,500 Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17 No Opt. Call 7,873,050
Petersburg, PCR, Pwr. & Lt. Conv.,
BBB 10,000 5.90%, 12/01/24 08/11 @ 102 10,480,300
BBB 16,000 5.95%, 12/01/29 08/11 @ 102 16,692,320
44,224,500
Kentucky—1.5%
AAA 9,060 Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32 07/11 @ 100 9,226,251
Louisiana—4.7%
Louisiana Local Gov’t. Env. Facs. & Cmnty. Dev. Auth.,
A 21,425 Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA No Opt. Call 24,425,571
Baa1 4,605 Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38 06/13 @ 102 4,657,635
29,083,206
Maryland—0.7%
BBB 4,205 Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33 08/14 @ 100 4,291,917
Michigan—2.9%
AA 17,210 Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31 07/11 @ 101 17,988,925
Mississippi—3.1%
A 18,680 Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 07/11 @ 100 19,505,282
Nevada—0.4%
AAA 2,235 Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC 07/14 @ 100 2,280,169
New Hampshire—0.6%
A+ 3,500 New Hampshire Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31 10/11 @ 101 3,676,330

See Notes to Financial Statements.

17

BlackRock Municipal Income Trust (BFK) (continued)

Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
New Jersey—8.5%
New Jersey Econ. Dev. Auth.,
BBB $ 18,500 Cigarette Tax Rev., 5.75%, 6/15/29 06/14 @ 100 $ 19,002,460
B 31,410 Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101 24,515,819
Baa3 8,000 Kapkowski Road Landfill Proj., 6.50%, 4/01/28 No Opt. Call 9,141,040
52,659,319
New York—2.2%
AAA 5,375 Env. Facs. Corp., Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj. B, 5.00%, 6/15/31 06/12 @ 100 5,543,184
AAA 7,115 Met. Transp. Auth., Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC 07/12 @ 100 7,320,125
AAA 750 Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC 10/14 @ 100 775,815
13,639,124
Ohio—3.1%
Baa2 14,500 Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20 08/07 @ 102 15,099,285
NR 3,760 Pinnacle Cmnty. Infrastructure, Fin. Auth., Ohio Facs., Ser. A, 6.25%, 12/01/36 12/14 @ 101 3,847,082
18,946,367
Pennsylvania—4.6%
A3 6,500 Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41 05/11 @ 101 6,804,850
Pennsylvania Higher Edl. Facs. Auth.,
BBB+ 4,000 La Salle Univ., 5.50%, 5/01/34 05/13 @ 100 4,106,960
A 17,250 Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22 01/06 @ 101 17,882,730
28,794,540
South Carolina—5.0%
Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,
A 5,000 5.50%, 11/01/32 11/13 @ 100 5,162,100
A 10,000 5.75%, 11/01/28 11/13 @ 100 10,599,800
So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,
BBB 5,075 Ser. A, 6.25%, 8/01/31 08/13 @ 100 5,369,299
BBB 9,000 Ser. C, 6.875%, 8/01/27 08/13 @ 100 9,962,910
31,094,109
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 9,402,071
Texas—14.1%
Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C,
BBB 6,860 5.75%, 5/01/36 No Opt. Call 7,451,195
BBB 945 6.75%, 10/01/38 10/13 @ 101 1,006,954
AAA 3,805 Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC 12/11 @ 100 3,868,163
Harris Cnty. Houston Sports Auth., MBIA,
AAA 12,580 Ser. A, Zero Coupon, 11/15/38 11/30 @ 61.166 1,829,761
AAA 26,120 Ser. A-3, Zero Coupon, 11/15/37 11/24 @ 46.545 3,895,276
AAA 5,000 Ser. H, Zero Coupon, 11/15/35 11/31 @ 78.178 844,750
AAA 2,950 Northside Indpt. Sch. Dist., Ser. A, 5.00%, 2/15/32 02/12 @ 100 2,996,522
BBB+ 4,450 Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 11/01/11 No Opt. Call 4,805,555
Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev.,
Baa1 6,010 5.80%, 11/01/26 11/11 @ 102 5,958,374
CC 4,435 Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32 09/12 @ 102 1,330,500
Baa1 18,605 Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31 11/11 @ 102 18,341,739
BB- 6,480 So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32 09/12 @ 102 6,059,124
Texas Tpke. Auth., Central Sys. Rev., AMBAC,
AAA 35,000 Zero Coupon, 8/15/32 08/12 @ 30.846 6,872,600
AAA 62,325 Zero Coupon, 8/15/33 08/12 @ 28.997 11,447,233
AAA 65,040 Zero Coupon, 8/15/34 08/12 @ 27.31 11,225,253
87,932,999
Virginia—0.3%
AAA 8,105 Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA 04/12 @ 34.99 1,881,171
Washington—0.4%
A- 2,190 Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23 01/07 @ 103 2,319,736
West Virginia—1.7%
BBB 8,000 Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25 04/05 @ 102 8,286,800
AAA 2,070 West Virginia Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA 06/14 @ 100 2,140,628
10,427,428

See Notes to Financial Statements.

18

BlackRock Municipal Income Trust (BFK) (continued)

Principal Option Call
Rating 1 Amount Provisions 2
(unaudited) (000 ) Description (unaudited) Value
Wisconsin—6.1%
Wisconsin Hlth. & Edl. Facs. Auth.,
BBB+ $ 7,500 Aurora Hlth. Care, 6.40%, 4/15/33 04/13 @ 100 $ 8,196,000
A+ 13,750 Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30 10/11 @ 101 14,020,600
A 15,000 Wheaton Franciscan Svcs., 5.75%, 8/15/30 02/12 @ 101 15,797,700
38,014,300
Multi-State—7.6%
Charter Mac Equity Issuer Trust,
A3 1,000 4 Ser. A, 6.625%, 6/30/49 06/09 @ 100 1,101,560
A3 11,000 4 Ser. A-2, 6.30%, 6/30/49 06/09 @ 100 11,967,450
A3 16,000 4 Ser. A-3, 6.80%, 10/01/52 10/14 @ 100 18,284,480
Baa1 6,500 4 Ser. B-1, 6.80%, 11/30/50 11/10 @ 100 7,250,100
A3 8,000 4 MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 06/09 @ 100 8,896,320
47,499,910
Total Long-Term Investments (cost $940,674,471) 976,591,292
SHORT-TERM INVESTMENTS—2.3%
Kansas—0.7%
A1 + 3,960 5 Kansas Dept. Transp. Hwy., Ser. B-1, 1.69%, 11/01/04, FRDD N/A 3,960,000
Shares
(000 )
Money Market Fund—1.6%
10,150 AIM Tax Free Investment Co. Cash Reserve Portfolio N/A 10,150,000
Total Short-Term Investments (cost $14,110,000) 14,110,000
Total Investments—159.4% (cost $954,784,471) $ 990,701,292
Other assets in excess of liabilities—1.0% 6,151,088
Preferred shares at redemption value, including dividends payable—(60.4)% (375,204,239 )
Net Assets Applicable to Common Shareholders—100% $ 621,648,141
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest 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 not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust
held 7.6% of its net assets, with a current market value of $47,499,910, in securities restricted as to resale.
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. Rate shown as of October 31, 2004.
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

See Notes to Financial Statements.

19

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock California Investment Quality Municipal Trust (RAA)
Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—119.0%
California—111.3%
California, GO,
A $ 960 3,4 5.75%, 3/01/05 N/A $ 982,329
A 40 5.75%, 3/01/19 03/05 @ 101 40,932
BBB 1,000 California Cnty. Tobacco Sec. Agcy., Ser. B, 6.00%, 6/01/29 06/12 @ 100 921,650
California Edl. Facs. Auth., MBIA,
AAA 760 3 Santa Clara Univ., 5.00%, 9/01/06 N/A 817,653
AAA 505 Student Loan Prog., Ser. A, 6.00%, 3/01/16 03/07 @ 102 533,861
California Pub. Wks. Brd., Lease Rev., Ser. A,
A- 1,000 3 Dept. of Corrections., 6.875%, 11/01/04 N/A 1,020,000
A- 1,000 St. Univ. Proj., 6.10%, 10/01/06 11/04 @ 102 1,024,900
Golden St. Tobacco Sec. Corp., Ser. B,
A- 600 5.50%, 6/01/43 06/13 @ 100 630,630
A- 400 5.625%, 6/01/38 06/13 @ 100 423,908
Los Angeles Cnty.,
AAA 1,000 Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA 09/07 @ 102 1,113,460
AAA 1,000 3 Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA N/A 1,077,420
AA 1,150 Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13 08/06 @ 101 1,231,500
B- 945 5 Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. B, 7.50%, 12/01/24 12/12 @ 102 858,155
NR 1,000 5 Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33 09/10 @ 102 999,910
BBB+ 1,000 Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09 07/06 @ 102 1,079,890
NR 1,000 5 San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33 09/12 @ 102 1,001,380
AAA 500 San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC 11/04 @ 101 506,770
AAA 150 San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 12-A, 5.90%, 5/01/26, MBIA 05/06 @ 101 159,269
AAA 40 So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA 11/04 @ 100 40,144
AAA 500 Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC 08/07 @ 102 549,345
BBB 900 Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.625%, 6/01/43 06/12 @ 100 750,888
AAA 370 West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC 08/07 @ 101 400,033
16,164,027
Puerto Rico—7.7%
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 745 3 5.50%, 2/01/12 N/A 855,491
BBB+ 255 5.50%, 8/01/29 02/12 @ 100 269,147
1,124,638
Total Long-Term Investments (cost $16,425,016) 17,288,665

See Notes to Financial Statements.

20

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

Shares — (000 ) Description Value
MONEY MARKET FUNDS—9.6%
700 AIM Tax Free Investment Co. Cash Reserve Portfolio $ 700,000
700 SSgA Tax Free Money Mkt. Fund 700,000
Total Money Market Funds (cost $1,400,000) 1,400,000
Total Investments—128.6% (cost $17,825,016) $ 18,688,665
Other assets in excess of liabilities—23.0% 3,341,178
Preferred shares at redemption value, including dividends payable—(51.6)% (7,501,275 )
Net Assets Applicable to Common Shareholders—100% $ 14,528,568
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.
3 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4 Entire or partial principal amount pledged as collateral for financial futures contracts.
5 See Note 7 of Notes to Financial Statements.
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

See Notes to Financial Statements.

21

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock California Municipal Income Trust (BFZ)
Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—157.6%
California—132.2%
Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA,
AAA $ 24,500 Zero Coupon, 9/01/31 No Opt. Call $ 5,774,405
AAA 6,070 Zero Coupon, 9/01/32 No Opt. Call 1,351,789
California, GO,
A 10,000 5.50%, 11/01/33 11/13 @ 100 10,659,500
AAA 5,500 Ser. BZ, 5.35%, 12/01/21, MBIA 06/07 @ 101 5,603,565
AAA 5,000 Ser. BZ, 5.375%, 12/01/24, MBIA 06/07 @ 101 5,067,050
California Cnty. Tobacco Sec. Agcy.,
BBB 6,000 Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35 06/12 @ 100 5,349,480
BBB 6,000 Kern Cnty. Corp., Ser. B, 6.25%, 6/01/37 06/12 @ 100 5,532,420
BBB 5,000 Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 06/12 @ 100 4,340,700
California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,
A2 4,000 3 5.375%, 5/01/21 05/12 @ 101 4,366,960
A2 6,000 5.375%, 5/01/22 05/12 @ 101 6,513,960
AAA 10,000 California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32 06/11 @ 101 10,549,600
California Hlth. Facs. Fin. Auth., Ser. A,
A 3,000 Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27 05/12 @ 100 3,136,410
AAA 4,890 Kaiser Proj., 5.40%, 5/01/28 ETM 5,068,681
California Infrastructure & Econ. Dev.,
AAA 20,035 Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC 07/13 @ 100 20,619,221
A 15,250 J. David Gladstone Inst. Proj., 5.25%, 10/01/34 10/11 @ 101 15,607,002
A 13,500 Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31 08/11 @ 102 14,080,500
BBB+ 4,000 California Poll. Ctrl. Fin. Auth., Sld. Wst. Disp. Rev., Republic Svcs. Inc. Proj., Ser. C,
5.25%, 6/01/23 No Opt. Call 4,262,040
AA- 10,000 California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B, 5.625%, 8/15/42 08/12 @ 100 10,411,700
AAA 6,000 El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC 01/11 @ 100 6,291,180
Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,
AAA 7,485 Zero Coupon, 12/01/29 12/11 @ 37.373 1,884,947
AAA 7,485 Zero Coupon, 12/01/30 12/11 @ 35.365 1,780,382
AAA 7,485 Zero Coupon, 12/01/31 12/11 @ 33.465 1,682,853
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB 5,000 Zero Coupon, 1/15/33 01/10 @ 25.78 924,350
BBB 5,000 Zero Coupon, 1/15/34 01/10 @ 24.228 868,450
BBB 13,445 Zero Coupon, 1/15/35 01/10 @ 22.819 2,196,913
BBB 1,000 Zero Coupon, 1/15/38 01/10 @ 19.014 135,780
BBB 10,030 5.75%, 1/15/40 01/10 @ 101 10,137,722
Golden St. Tobacco Sec. Corp.,
BBB 2,000 Ser. A-1, 6.625%, 6/01/40 06/13 @ 100 1,929,900
BBB 1,000 Ser. A-1, 6.75%, 6/01/39 06/13 @ 100 986,800
A- 10,200 Ser. B, 5.50%, 6/01/43 06/13 @ 100 10,720,710
A- 5,800 Ser. B, 5.625%, 6/01/38 06/13 @ 100 6,146,666
NR 5,000 Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28 03/08 @ 102 4,961,300
A3 7,700 Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34 08/12 @ 102 8,259,482
Lathrop Fin. Auth., Wtr. Sply. Proj.,
NR 4 2,855 5.90%, 6/01/27 06/13 @ 100 2,878,782
NR 4 5,140 6.00%, 6/01/35 06/13 @ 100 5,228,511
B- 4,110 Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 12/12 @ 102 3,724,934
BBB 1,000 Palm Springs Mobile Home Park, Sahara Mobile Home Park, 5.625%, 5/15/26 05/12 @ 102 1,032,640
NR 4,000 Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33 09/13 @ 100 4,220,880
AAA 15,500 Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj., 5.125%, 9/01/30, MBIA . 09/11 @ 100 15,979,260
AAA 1,905 Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC No Opt. Call 456,952
AAA 6,500 San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A, 5.25%, 5/01/31, MBIA 05/11 @ 100 6,741,540
San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South,
NR 1,775 6.125%, 8/01/31 08/09 @ 102 1,816,571
NR 7,500 6.25%, 8/01/33 08/11 @ 101 7,735,650
San Jose Multi-Fam. Hsg.,
AAA 2,880 Lenzen Hsg., Ser. B, 5.45%, 2/20/43 08/11 @ 102 2,969,050
AAA 4,225 Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34 04/11 @ 100 4,339,455

See Notes to Financial Statements.

22

BlackRock California Municipal Income Trust (BFZ) (continued)

Principal Option Call
Rating 1 Amount Provisions 2
(unaudited) (000 ) Description (unaudited) Value
California—(cont’d)
Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser. A,
NR $ 6,250 Blossom River Apts., 6.50%, 9/01/39 03/08 @ 102 $ 6,081,500
A3 1,715 John Burns Gardens Apts. Proj., 5.85%, 8/01/31 02/12 @ 101 1,750,775
A3 1,235 River Town Apts. Proj., 6.00%, 8/01/41 02/12 @ 101 1,265,418
NR 3,075 Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32 11/10 @ 102 3,132,072
BBB 5,345 Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41 06/11 @ 100 4,291,020
Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,
BBB 7,000 5.50%, 6/01/36 06/12 @ 100 5,791,240
BBB 11,500 5.625%, 6/01/43 06/12 @ 100 9,594,680
AAA 2,000 Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA 08/13 @ 100 2,100,020
NR 2,245 Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28 10/13 @ 102 2,342,298
A2 2,000 Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33 04/08 @ 100 2,060,600
292,736,266
Puerto Rico—15.0%
Puerto Rico, Public Impvt., Ser. A,
A- 1,850 5.00%, 7/01/29 07/14 @ 100 1,891,718
A- 3,150 5.00%, 7/01/34 07/14 @ 100 3,211,204
A- 10,000 Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31 07/12 @ 101 10,446,900
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 10,000 5 5.70%, 2/01/10 N/A 11,399,600
BBB+ 5,750 5 5.75%, 2/01/07 N/A 6,214,140
33,163,562
Multi-State—10.4%
Charter Mac Equity Issuer Trust,
A3 7,000 6 Ser. A-2, 6.30%, 6/30/49 06/09 @ 100 7,615,650
Baa1 4,000 6 Ser. B-1, 6.80%, 11/30/50 11/10 @ 100 4,461,600
MuniMae TE Bond Subsidiary, LLC,
A3 7,000 6 Ser. A-1, 6.30%, 6/30/49 06/09 @ 100 7,563,360
Baa1 3,000 6 Ser. B-1, 6.80%, 6/30/50 11/10 @ 100 3,342,360
22,982,970
Total Investments—157.6% (cost $336,663,830) $ 348,882,798
Other assets in excess of liabilities—2.0% 4,454,021
Preferred shares at redemption value, including dividends payable—(59.6)% (131,966,087 )
Net Assets Applicable to Common Shareholders—100% $ 221,370,732
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest 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 prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
6 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust
held 10.4% of its net assets, with a current market value of $22,982,970, in securities restricted as to resale.
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

See Notes to Financial Statements.

23

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock Florida Investment Quality Municipal Trust (RFA)
Principal Option Call
Rating 1 Amount Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—115.6%
Florida—106.7%
AAA $ 170 Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC ETM $ 208,405
AAA 1,000 Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC 07/06 @ 102 1,072,280
Baa1 1,000 Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38 06/13 @ 102 943,540
AAA 1,000 Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA 02/06 @ 101 1,042,070
AAA 1,000 Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA 10/05 @ 102 1,047,690
AAA 1,000 3 Dade Cnty., GO, Ser. B, Zero Coupon, 10/01/08, AMBAC N/A 651,070
AAA 1,000 3 First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC N/A 1,071,640
Aaa 1,000 3 Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/01/05 N/A 1,033,380
AAA 500 Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%, 3/01/15, AMBAC 03/05 @ 102 516,975
AAA 1,000 3 Florida Dept. of Trans., GO, 5.80%, 7/01/05 N/A 1,036,230
AAA 1,000 3 Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn., Ser. A,
5.75%, 7/01/05, AMBAC N/A 1,035,900
AAA 1,000 3 Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA N/A 1,055,480
BB 500 Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100 532,525
AAA 5,000 Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA 04/08 @ 28.079 1,132,600
A+ 750 Miami Hlth. Facs. Auth., Catholic Hlth. East, Ser. C, 5.125%, 11/15/24 11/13 @ 100 759,607
AA- 1,000 Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys., 5.50%, 11/15/33 05/13 @ 100 1,041,580
NR 660 Stevens Plantation Impvt. Proj., 6.375%, 5/01/13 No Opt. Call 677,503
NR 1,000 4 Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 05/13 @ 101 1,058,080
AAA 1,000 3,5 Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC N/A 1,080,760
BBB+ 1,000 Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16 10/06 @ 102 1,058,750
18,056,065
Puerto Rico—8.9%
A- 380 3 Puerto Rico Pub. Bldg. Auth., Pub. Ed. & Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05 N/A 389,265
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 745 3 5.50%, 2/01/12 N/A 855,491
BBB+ 255 5.50%, 8/01/29 02/12 @ 100 269,147
1,513,903
Total Long-Term Investments (cost $18,280,377) 19,569,968
Shares
(000 )
MONEY MARKET FUNDS—9.5%
800 AIM Tax Free Investment Co. Cash Reserve Portfolio N/A 800,000
800 SSgA Tax Free Money Mkt. Fund N/A 800,000
Total Money Market Funds (cost $1,600,000) 1,600,000
Total Investments—125.1% (cost $19,880,377) $ 21,169,968
Other assets in excess of liabilities—25.1% 4,260,344
Preferred shares at redemption value, including dividends payable—(50.2)% (8,501,222 )
Net Assets Applicable to Common Shareholders—100% $ 16,929,090
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.
3 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4 See Note 7 of Notes to Financial Statements.
5 Entire or partial principal amount pledged as collateral for financial futures contracts.
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

See Notes to Financial Statements.

24

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock Florida Municipal Income Trust (BBF)
Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—155.2%
Florida—134.4%
AA $ 7,715 Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32 05/12 @ 102 $ 8,332,046
A 2,000 Boynton Beach Multi. Fam. Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA 01/13 @ 100 2,040,920
AAA 2,800 Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Loan Prog., Ser. F-1, 5.00%, 10/01/31, MBIA 08/11 @ 102 2,844,156
Baa1 1,000 Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38 06/13 @ 102 943,540
AAA 7,000 3 Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC No Opt. Call 7,167,790
Florida Brd. of Ed., GO,
AA+ 5,550 Ser. A, 5.125%, 6/01/30 06/10 @ 101 5,754,462
AAA 1,000 Ser. J, 5.00%, 6/01/24, AMBAC 06/13 @ 101 1,057,220
BBB- 3,000 Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29 10/09 @ 102 2,943,330
NR 2,775 Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08 No Opt. Call 2,845,207
NR 1,715 Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34 05/13 @ 101 1,802,534
A 6,500 Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31 11/11 @ 101 6,995,235
BBB+ 1,450 Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23 10/12 @ 100 1,474,157
AA 7,500 Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%, 11/15/36 11/11 @ 101 7,882,950
AAA 4,000 Jacksonville Transp., 5.00%, 10/01/26, MBIA 10/11 @ 100 4,131,720
JEA,
AA 5,000 Elec. Sys., Ser. A, 5.20%, 10/01/33 11/04 @ 100 5,010,050
AA 5,000 Elec. Sys., Ser. A, 5.50%, 10/01/41 10/07 @ 100 5,425,850
AA 7,500 Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 10/06 @ 100 7,605,675
NR 5 1,675 Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33 05/13 @ 101 1,745,869
AAA 2,770 Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC ETM 1,300,792
BB 3,000 Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100 3,195,150
AAA 1,000 Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC 07/11 @ 101 1,056,070
Miami Dade Cnty., Spec. Oblig. Rev., MBIA,
AAA 2,595 Ser. A, Zero Coupon, 10/01/19 04/08 @ 55.413 1,243,732
AAA 9,700 Ser. B, Zero Coupon, 10/01/33 04/08 @ 25.056 1,958,721
AAA 25,000 Ser. C, Zero Coupon, 10/01/28 04/08 @ 32.99 6,719,250
No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43,
NR 1,630 6.10%, 8/01/21 08/11 @ 101 1,696,145
NR 3,500 6.125%, 8/01/31 08/11 @ 101 3,609,515
AAA 2,500 Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC 08/11 @ 101 2,607,600
AA- 12,000 So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33 02/13 @ 100 12,323,520
AAA 1,500 St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA 10/09 @ 101 1,540,440
NR 2,815 Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32 10/09 @ 100 2,865,220
NR 2,000 Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 05/13 @ 101 2,116,160
AA 5,500 Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA 04/12 @ 100 5,929,495
AA 4,000 Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 10/11 @ 101 4,148,320
Village Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A,
NR 4,000 6.00%, 5/01/22 05/13 @ 101 4,127,400
NR 1,870 6.50%, 5/01/33 05/13 @ 101 1,983,715
BBB+ 2,000 Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%, 10/15/29 10/09 @ 101 2,074,860
136,498,816

See Notes to Financial Statements.

25

BlackRock Florida Municipal Income Trust (BBF) (continued)

Principal Option Call
Rating 1 Amount Provisions 2
(unaudited) (000 ) Description (unaudited) Value
Puerto Rico—20.8%
BBB $ 6,000 Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100 $ 5,345,460
Puerto Rico, Pub. Impvt., Ser. A,
AAA 2,520 4 5.125%, 7/01/11 N/A 2,855,689
A- 4,980 5.125%, 7/01/31 07/11 @ 100 5,093,295
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 4,000 4 5.70%, 2/01/10 N/A 4,559,840
BBB+ 3,000 4 5.75%, 2/01/07 N/A 3,242,160
21,096,444
Total Investments—155.2% (cost $151,328,586) $ 157,595,260
Other assets in excess of liabilities—1.5% 1,476,133
Preferred shares at redemption value, including dividends payable—(56.7)% (57,559,455 )
Net Assets Applicable to Common Shareholders—100% $ 101,511,938
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest 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 prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
5 Security is deemed to be of investment grade quality by the investment advisor.
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

See Notes to Financial Statements.

26

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
Principal Option Call
Rating 1 Amount Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—129.1%
New Jersey—114.5%
AAA $ 1,000 Delaware River Port. Auth. of PA & NJ, 5.75%, 1/01/26, FSA 01/10 @ 100 $ 1,109,580
AAA 1,000 3 Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA N/A 1,071,020
Baa1 1,000 Middlesex Cnty. Impvt. Auth., St. Student Hsg. Proj., Ser. A, 5.00%, 8/15/35 08/14 @ 100 988,000
New Jersey Econ. Dev. Auth.,
BBB 1,000 Cigarette Tax Rev., 5.75%, 6/15/34 06/14 @ 100 1,025,950
B 925 4 Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101 721,972
BBB 500 Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15 No Opt. Call 529,980
AAA 900 Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA No Opt. Call 1,028,286
AAA 1,000 3 New Jersey Edl. Fac. Auth., Rowan Coll., Ser. E, 5.875%, 7/01/06, AMBAC N/A 1,073,670
New Jersey Hlth. Care Fac. Fin. Auth.,
A 1,000 Hackensack Univ. Med. Ctr, 6.00%, 1/01/25 01/10 @ 101 1,057,030
AAA 1,000 St. Joseph’s Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE 07/06 @ 102 1,071,880
New Jersey Tpke. Auth., Ser. C, AMBAC,
AAA 785 6.50%, 1/01/16 ETM 966,790
AAA 215 6.50%, 1/01/16 No Opt. Call 265,360
New Jersey Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA,
AAA 375 3 5.50%, 6/15/05 N/A 390,953
AAA 625 5.50%, 6/15/15 06/05 @ 102 650,950
AAA 375 3 5.75%, 6/15/05 N/A 391,522
AAA 625 5.75%, 6/15/14 06/05 @ 102 651,906
AA- 1,000 3 No. Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05 N/A 1,011,130
AAA 1,000 Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC 12/09 @ 101 1,139,500
AA- 1,000 Port Auth. of NY & NJ, 5.75%, 12/15/20 06/05 @ 101 1,032,530
BBB 1,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 06/12 @ 100 890,290
17,068,299
Puerto Rico—7.2%
AAA 1,000 3,5 Puerto Rico, 5.40%, 7/01/06, FSA N/A 1,071,640
Multi-State—7.4%
A3 1,000 6 Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 06/09 @ 100 1,101,560
Total Long-Term Investments (cost $18,061,417) 19,241,499
Shares
(000 )
MONEY MARKET FUNDS—9.4%
700 AIM Tax Free Investment Co. Cash Reserve Portfolio N/A 700,000
700 SSgA Tax Free Money Mkt. Fund N/A 700,000
Total Money Market Funds (cost $1,400,000) 1,400,000
Total Investments—138.5% (cost $19,461,417) $ 20,641,499
Other assets in excess of liabilities—11.8% 1,759,632
Preferred shares at redemption value, including dividends payable—(50.3)% (7,501,592 )
Net Assets Applicable to Common Shareholders—100% $ 14,899,539
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.
3 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4 See Note 7 of Notes to Financial Statements.
5 Entire or partial principal amount pledged as collateral for financial futures contracts.
6 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust
held 7.4% of its net assets, with a current market value of $1,101,560, in securities restricted as to resale.
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

See Notes to Financial Statements.

27

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock New Jersey Municipal Income Trust (BNJ)
Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—153.4%
New Jersey—111.0%
Cherry Hill Twnshp., GO,
AA- $ 4,065 5.00%, 7/15/22 07/11 @ 100 $ 4,274,551
AA- 4,275 5.00%, 7/15/23 07/11 @ 100 4,467,332
AAA 12,600 Garden St. Presvtn. Trust, Open Space & Farmland Presvtn., Zero Coupon, 11/01/26, FSA No Opt. Call 4,328,982
Middlesex Cnty. Impvt. Auth.,
AAA 1,400 Admin. Bldg. Res. Proj., 5.35%, 7/01/34 07/11 @ 100 1,461,082
AAA 4,470 New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35 08/12 @ 100 4,586,622
BBB- 2,500 Middlesex Cnty. Poll. Ctrl. Auth., Amerada Hess, 6.05%, 9/15/34 09/14 @ 100 2,622,450
New Jersey Econ. Dev. Auth.,
BBB 5,000 Cigarette Tax Rev., 5.75%, 6/15/34 06/14 @ 100 5,129,750
B 3,450 Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101 2,692,760
B 2,000 Continental Airlines Inc. Proj., 7.20%, 11/15/30 11/10 @ 101 1,600,280
BBB- 2,630 First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18 01/09 @ 102 2,630,026
BBB- 4,050 First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24 11/14 @ 100 4,151,371
Baa3 2,500 Kapkowski Road Landfill Proj., 6.50%, 4/01/28 No Opt. Call 2,856,575
Baa3 5,000 Kapkowski Road Landfill Proj., 6.50%, 4/01/31 No Opt. Call 5,646,400
A+ 2,000 Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 06/11 @ 102 2,142,860
BBB 2,000 Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15 No Opt. Call 2,119,920
Aaa 1,960 Victoria Hlth., Ser. A, 5.20%, 12/20/36 12/11 @ 103 2,063,194
New Jersey Edl. Facs. Auth.,
BBB- 1,000 Fairleigh Dickinson Univ., Ser. C, 5.50%, 7/01/23 07/14 @ 100 1,041,290
BBB- 2,000 Fairleigh Dickinson Univ., Ser. C, 6.00%, 7/01/20 07/14 @ 100 2,186,000
BBB- 3,000 Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25 07/13 @ 100 3,211,350
BBB+ 2,120 Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33 07/13 @ 100 2,347,943
New Jersey Hlth. Care Fac. Fin. Auth.,
A 4,500 Atlantic City Med. Ctr., 5.75%, 7/01/25 07/12 @ 100 4,747,680
A+ 3,000 Catholic Hlth. East, Ser. A, 5.375%, 11/15/33 11/12 @ 100 3,087,870
A3 10,000 5 Kennedy Hlth. Sys., 5.625%, 7/01/31 07/11 @ 100 10,516,400
Baa1 1,960 So. Jersey Hosp., 6.00%, 7/01/26 07/12 @ 100 2,065,565
Baa1 5,500 So. Jersey Hosp., 6.00%, 7/01/32 07/12 @ 100 5,774,890
BBB+ 1,540 So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23 11/04 @ 101 1,561,545
Aaa 1,950 Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30 06/12 @ 102 2,055,866
AAA 8,000 Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA 12/07 @ 102 8,763,120
BBB 18,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 06/12 @ 100 16,025,220
Trenton Pkg. Auth., FGIC,
AAA 5,465 5.00%, 4/01/25 04/11 @ 100 5,679,665
AAA 1,500 5.00%, 4/01/30 04/11 @ 100 1,538,595
Vineland, GO, MBIA,
AAA 1,500 5.30%, 5/15/30 05/10 @ 101 1,577,520
AAA 1,500 5.375%, 5/15/31 05/10 @ 101 1,582,110
126,536,784
Puerto Rico—28.5%
Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,
AAA 2,735 Ser. A, 5.20%, 12/01/33 06/11 @ 100 2,793,802
AAA 2,735 Ser. B, 5.30%, 12/01/28 06/11 @ 100 2,784,996
A 3,800 Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38 07/12 @ 100 3,945,502
Puerto Rico Pub. Bldgs. Auth., Ser. D,
AAA 5,000 Zero Coupon, 7/01/31, AMBAC 07/17 @ 100 3,635,700
A- 4,765 4 Gov’t Facs., 5.25%, 7/01/12 N/A 5,409,943
A- 1,735 Gov’t Facs., 5.25%, 7/01/36 07/12 @ 100 1,801,433
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 4,000 4 5.70%, 2/01/10 N/A 4,559,840
BBB+ 7,040 4 5.75%, 2/01/07 N/A 7,608,269
32,539,485

See Notes to Financial Statements.

28

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

Principal Option Call
Rating 1 Amount Provisions 2
(unaudited) (000 ) Description (unaudited) Value
Multi-State—13.9%
Charter Mac Equity Issuer Trust,
A3 $ 7,000 5 Ser. A-2, 6.30%, 6/30/49 06/09 @ 100 $ 7,615,650
Baa1 2,500 5 Ser. B-1, 6.80%, 11/30/50 11/10 @ 100 2,788,500
MuniMae TE Bond Subsidiary, LLC,
A3 3,000 5 Ser. A-2, 6.30%, 6/30/49 06/09 @ 100 3,241,440
Baa1 2,000 5 Ser. B-1, 6.80%, 6/30/50 11/10 @ 100 2,228,240
15,873,830
Total Investments—153.4% (cost $166,977,210) $ 174,950,099
Other assets in excess of liabilities—2.5% 2,877,247
Preferred shares at redemption value, including dividends payable—(55.9)% (63,807,919 )
Net Assets Applicable to Common Shareholders—100% $ 114,019,427
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest 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 prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
5 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust
held 13.9% of its net assets, with a current market value of $15,873,830, in securities restricted as to resale.
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.

29

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock New York Investment Quality Municipal Trust (RNY)
Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—130.4%
New York—121.0%
AAA $ 1,000 Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B, 5.00%, 12/01/33, MBIA . 06/08 @ 100 $ 1,014,010
AA- 2,100 Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23 07/13 @ 100 2,215,059
AAA 1,000 Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC 11/06 @ 102 1,078,140
New York City, GO,
A 820 3 Ser. A, 6.00%, 5/15/10 N/A 958,826
A+ 180 Ser. A, 6.00%, 5/15/30 05/10 @ 101 199,971
AA 1,000 Ser. B, 5.70%, 8/15/12 08/05 @ 101 1,037,870
A 815 3 Ser. I, 5.875%, 3/15/06 N/A 870,624
A+ 185 Ser. I, 5.875%, 3/15/18 03/06 @ 101.5 196,350
AA 1,000 New York City Hsg. Dev. Corp. Multi. Fam. Hsg. Rev., Ser. A, 5.25%, 5/01/30 05/14 @ 100 1,030,910
New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A- 1,000 6.00%, 1/01/08 11/04 @ 102 1,017,490
A- 1,000 6.10%, 1/01/09 11/04 @ 102 1,017,650
New York City Mun. Wtr. Fin. Auth.,
AAA 1,000 3 Ser. A, 6.00%, 6/15/05 N/A 1,035,700
AA+ 1,000 Wtr. & Swr. Sys. Rev., Ser. C, 5.125%, 6/15/33 06/11 @ 101 1,033,410
New York City Transl. Fin. Auth., Ser. B,
AAA 815 3 6.00%, 5/15/10 N/A 955,261
AA+ 185 6.00%, 11/15/21 05/10 @ 101 212,804
AA+ 1,000 3,4 6.00%, 5/15/10 N/A 1,172,100
New York Dorm. Auth.,
AAA 750 Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA 02/13 @ 100 772,515
Aa3 1,000 Kateri Residence, 5.00%, 7/01/22 07/13 @ 100 1,024,840
BB+ 1,000 Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25 07/10 @ 101 1,025,070
AAA 1,005 St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC No Opt. Call 1,152,785
A+ 1,000 Univ. of Rochester, Ser. B, 5.625%, 7/01/24 07/09 @ 101 1,082,140
AAA 1,000 3 New York Urban Dev. Corp., Correctional Facs., 5.70%, 1/01/07, MBIA N/A 1,098,130
Caa2 1,000 5 Port Auth. of NY & NJ, Spec. Oblig., Contl./Eastn. Proj. LaGuardia, 9.125%, 12/01/15 11/04 @ 100 1,005,840
AAA 1,000 Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC 10/14 @ 100 1,034,420
AAA 1,000 Triborough Brdg. & Tunl. Auth., New York Revs., Refdg., Ser. A, 5.00%, 1/01/32, MBIA 01/12 @ 100 1,025,930
24,267,845
Puerto Rico—7.8%
BBB 500 Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100 445,455
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 745 3 5.50%, 2/01/12 N/A 855,491
BBB+ 255 5.50%, 8/01/29 02/12 @ 100 269,147
1,570,093
Trust Territories—1.6%
Ba3 315 Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33 10/13 @ 100 323,272
Total Long-Term Investments (cost $24,345,131) 26,161,210

See Notes to Financial Statements.

30

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

Shares — (000 ) Description Value
MONEY MARKET FUNDS—9.9%
1,000 AIM Tax Free Investment Co. Cash Reserve Portfolio $ 1,000,000
1,000 SSgA Tax Free Money Mkt. Fund 1,000,000
Total Money Market Funds (cost $2,000,000) 2,000,000
Total Investments—140.3% (cost $26,345,131) $ 28,161,210
Other assets in excess of liabilities—8.5% 1,707,115
Preferred shares at redemption value, including dividends payable—(48.8)% (9,802,818 )
Net Assets Applicable to Common Shareholders—100% $ 20,065,507
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.
3 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4 Entire or partial principal amount pledged as collateral for financial futures contracts.
5 See Note 7 of Notes to Financial Statements.
KEY TO ABBREVIATIONS — AMBAC — American Municipal Bond Assurance Corporation
GO — General Obligation

See Notes to Financial Statements.

31

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2004
BlackRock New York Municipal Income Trust (BNY)
Rating 1 Principal — Amount Option Call — Provisions 2
(unaudited) (000 ) Description (unaudited) Value
LONG-TERM INVESTMENTS—157.6%
New York—125.6%
AA- $ 2,000 Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33 07/13 @ 100 $ 2,049,680
Met. Transp. Auth., Ded. Tax Fund, Ser. A,
AA- 12,000 5.00%, 11/15/30 11/12 @ 100 12,247,560
A 12,000 5.125%, 11/15/31 11/12 @ 100 12,339,000
New York City, GO,
A 3,290 3 Ser. C, 5.375%, 3/15/12 N/A 3,781,789
A+ 2,710 Ser. C, 5.375%, 3/15/28 03/12 @ 100 2,836,422
A+ 7,000 Ser. D, 5.375%, 6/01/32 06/12 @ 100 7,307,440
New York City Ind. Dev. Agcy.,
A 750 Marymount Sch. Proj., 5.125%, 9/01/21, ACA 09/11 @ 102 770,737
A 2,000 Marymount Sch. Proj., 5.25%, 9/01/31, ACA 09/11 @ 102 2,036,980
AAA 1,550 Royal Charter Presbyterian, 5.25%, 12/15/32, FSA 12/11 @ 102 1,628,213
BBB- 14,850 Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28 07/11 @ 100 14,714,568
A- 6,000 Term. One Grp. Assoc. Proj., 6.00%, 1/01/19 11/04 @ 102 6,104,940
New York City Mun. Wtr. Fin. Auth.,
AAA 4,000 Ser. A, 5.00%, 6/15/32, FGIC 06/11 @ 100 4,096,640
AA+ 6,500 Ser. C, 5.00%, 6/15/32 06/11 @ 100 6,627,270
New York City Transl. Fin. Auth., Ser. C,
AAA 5,940 3 5.00%, 5/01/09 N/A 6,634,148
AA+ 3,660 5.00%, 5/01/29 05/09 @ 101 3,738,873
BBB 6,700 New York Cntys. Tobacco Trust III, 6.00%, 6/01/43 06/13 @ 100 6,345,838
New York Dorm. Auth.,
AA- 15,235 3 City Univ., Ser. A, 5.25%, 7/01/11 N/A 17,379,022
AA- 1,765 City Univ., Ser. A, 5.25%, 7/01/31 07/11 @ 100 1,814,596
A3 10,780 Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30 07/11 @ 101 11,308,220
AAA 9,000 New Sch. Univ., 5.00%, 7/01/41, MBIA 07/11 @ 100 9,187,560
AAA 5,000 New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC 07/11 @ 100 5,104,200
A- 2,000 No. Shore Long Island Jewish Grp., 5.375%, 5/01/23 05/13 @ 100 2,096,860
A- 2,000 No. Shore Long Island Jewish Grp., 5.50%, 5/01/33 05/13 @ 100 2,097,060
New York Mtg. Agcy.,
Aa1 5,950 Ser. 101, 5.40%, 4/01/32 10/11 @ 100 6,062,991
Aaa 15,500 Ser. A, 5.30%, 10/01/31 04/11 @ 100 15,751,720
AA- 6,290 3 New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06 N/A 6,668,029
Port Auth. of NY & NJ,
AAA 9,500 Ser. 124, 5.00%, 8/01/36, FGIC 08/08 @ 101 9,577,045
AAA 13,000 4 Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA 12/07 @ 102 14,240,070
Caa2 9,250 Spec. Oblig., Contl./Eastn. Proj. LaGuardia, 9.125%, 12/01/15 11/04 @ 100 9,304,020
BBB 2,500 Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43 06/12 @ 100 2,242,375
BBB 5,000 Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43 08/12 @ 100 4,483,850
AAA 5,000 Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC 10/14 @ 100 5,172,100
A 7,000 Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27 06/13 @ 100 7,170,730
TSASC Inc., Tobacco Settlement Rev., Ser. 1,
BBB 5,000 5.75%, 7/15/32 07/12 @ 100 4,641,150
BBB+ 8,000 6.375%, 7/15/39 07/09 @ 101 8,002,240
AA 2,500 Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA 10/11 @ 100 2,578,600
BBB 2,000 Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29 07/10 @ 101 2,006,120
240,148,656

See Notes to Financial Statements.

32

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

Principal Option Call
Rating 1 Amount Provisions 2
(unaudited) (000 ) Description (unaudited) Value
Puerto Rico—18.7%
BBB $ 4,060 Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100 $ 3,617,095
Puerto Rico Pub. Bldgs. Auth., Gov’t Facs., Ser. D,
A- 4,400 3 5.25%, 7/01/12 N/A 4,995,540
A- 1,600 5.25%, 7/01/36 07/12 @ 100 1,661,264
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 7,475 3 5.50%, 2/01/12 N/A 8,583,617
BBB+ 2,525 5.50%, 8/01/29 02/12 @ 100 2,665,087
BBB+ 7,000 3 5.70%, 2/01/10 N/A 7,979,720
BBB+ 5,750 3 5.75%, 2/01/07 N/A 6,214,140
35,716,463
Multi-State 11.7%
Charter Mac Equity Issuer Trust,
A3 6,000 5 Ser. A-2, 6.30%, 6/30/49 06/09 @ 100 6,527,700
Baa1 5,500 5 Ser. B-1, 6.80%, 11/30/50 11/10 @ 100 6,134,700
MuniMae TE Bond Subsidiary, LLC,
A3 6,000 5 Ser. A-1, 6.30%, 6/30/49 06/09 @ 100 6,482,880
Baa1 3,000 5 Ser. B-1, 6.80%, 6/30/50 11/10 @ 100 3,342,360
22,487,640
Trust Territories—1.6%
Ba3 2,945 Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33 10/13 @ 100 3,022,336
Total Long-Term Investments (cost $287,483,117) 301,375,095
Shares
(000 )
MONEY MARKET FUND—0.2%
400 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $400,000) N/A 400,000
Total Investments—157.8% (cost $287,883,117) $ 301,775,095
Liabilities in excess of other assets—(0.4)% (729,441 )
Preferred shares at redemption value, including dividends payable—(57.4)% (109,771,939 )
Net Assets Applicable to Common Shareholders—100% $ 191,273,715
1 Using the higher of S&P’s, Moody’s or Fitch’s rating.
2 Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.
3 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4 Entire or partial principal amount pledged as collateral for financial futures contracts.
5 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust
held 11.7% of its net assets, with a current market value of $22,487,640, in securities restricted as to resale.
KEY TO ABBREVIATIONS — ACA — American Capital Access GO — General Obligation
AMBAC — American Municipal Bond Assurance Corporation MBIA — Municipal Bond Insurance Association
FGIC — Financial Guaranty Insurance Company RAA — Radian Asset Assurance
FSA — Financial Security Assurance

See Notes to Financial Statements.

33

STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2004
Assets — Investments at value 1 Investment Quality Municipal Trust (BKN) — $ 409,733,965 $ 990,701,292 $ 18,688,665 $ 348,882,798
Cash 549,551 506,736 3,176,254 300,774
Receivable from investments sold 2,557,862 10,199,372 — —
Interest receivable 6,807,786 16,871,254 291,442 5,902,545
Other assets 99,613 124,959 17,613 43,563
419,748,777 1,018,403,613 22,173,974 355,129,680
Liabilities
Payable to custodian — — — —
Payable for investments purchased 8,722,273 16,539,408 — —
Variation margin payable 253,875 912,375 1,125 338,250
Dividends payable — common shares 1,272,897 3,536,108 71,101 1,140,007
Investment advisory fee payable 120,851 294,230 7,339 104,145
Administration fee payable 51,793 — 2,944 —
Deferred Directors’ or Trustees’ fees 66,715 82,509 12,660 28,701
Other accrued expenses 151,793 186,603 48,962 181,758
10,640,197 21,551,233 144,131 1,792,861
Preferred Shares at Redemption Value
$25,000 liquidation value per share,
including dividends payable 2,3 146,633,612 375,204,239 7,501,275 131,966,087
Net Assets Applicable to
Common Shareholders $ 262,474,968 $ 621,648,141 $ 14,528,568 $ 221,370,732
Composition of Net Assets Applicable to
Common Shareholders:
Par value $ 167,071 $ 43,529 $ 10,071 $ 14,986
Paid-in capital in excess of par 231,766,743 618,575,595 13,411,135 212,626,998
Undistributed net investment income 12,876,540 20,211,294 373,382 6,189,963
Accumulated net realized gain (loss) (11,416,125 ) (48,158,153 ) (123,608 ) (7,848,714 )
Net unrealized appreciation 29,080,739 30,975,876 857,588 10,387,499
Net assets applicable to common shareholders,
October 31, 2004 $ 262,474,968 $ 621,648,141 $ 14,528,568 $ 221,370,732
Net asset value per common share 4 $15.71 $14.26 $14.43 $14.77
1 Investments at cost $ 379,278,575 $ 954,784,471 $ 17,825,016 $ 336,663,830
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.

34

Florida Investment Quality Municipal Trust (RFA) — $ 21,169,968 Florida Municipal Income Trust (BBF) — $ 157,595,260 $ 20,641,499 $ 174,950,099 $ 28,161,210 New York Municipal Income Trust (BNY) — $ 301,775,095
4,094,221 — 1,514,161 455,073 2,404,022 549,213
— 80,000 — 250,000 — 2,991,000
301,595 2,450,390 354,854 3,021,651 481,444 5,239,310
17,774 16,822 18,207 19,808 17,878 37,679
25,583,558 160,142,472 22,528,721 178,696,631 31,064,554 310,592,297
— 269,969 — — — —
— — — — 1,033,220 8,129,830
1,500 128,625 1,125 156,375 1,875 225,000
79,777 500,968 67,624 556,910 95,581 943,357
7,538 47,076 6,629 52,448 8,836 88,919
3,419 — 2,997 — 3,900 —
12,667 10,085 13,232 12,341 12,586 24,992
48,345 114,356 35,983 91,211 40,231 134,545
153,246 1,071,079 127,590 869,285 1,196,229 9,546,643
8,501,222 57,559,455 7,501,592 63,807,919 9,802,818 109,771,939
$ 16,929,090 $ 101,511,938 $ 14,899,539 $ 114,019,427 $ 20,065,507 $ 191,273,715
$ 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
489,204 2,393,507 600,862 3,228,123 584,462 4,820,612
146,423 (718,244 ) (51,349 ) (1,508,841 ) 6,923 (3,853,549 )
1,281,184 5,570,204 1,174,019 7,125,986 1,805,644 12,673,538
$ 16,929,090 $ 101,511,938 $ 14,899,539 $ 114,019,427 $ 20,065,507 $ 191,273,715
$15.02 $15.27 $14.79 $15.38 $15.35 $15.28
$ 19,880,377 $ 151,328,586 $ 19,461,417 $ 166,977,210 $ 26,345,131 $ 287,883,117
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

35

STATEMENTS OF OPERATIONS
For the year ended October 31, 2004
Investment Quality Municipal Trust (BKN)
Investment Income
Interest income $ 22,489,392 $ 57,267,655 $ 1,124,018 $ 19,101,862
Expenses
Investment advisory 1,421,068 5,959,207 77,184 2,089,127
Administration 609,029 — 22,053 —
Transfer agent 18,666 17,550 10,614 16,104
Custodian 94,500 141,226 10,463 79,332
Reports to shareholders 57,056 130,039 7,320 41,514
Directors/Trustees 36,724 79,788 12,544 30,744
Registration 24,563 33,957 807 31,586
Independent accountants 44,593 43,548 14,379 39,490
Legal 39,146 80,434 6,013 29,355
Insurance 29,231 69,814 1,576 25,189
Auction agent 393,188 971,490 22,852 344,642
Miscellaneous 45,621 85,317 17,593 42,982
Total expenses 2,813,385 7,612,370 203,398 2,770,065
Less fees waived by Advisor — (2,483,003 ) — (870,470 )
Less fees paid indirectly (4,866 ) (5,278 ) (6,545 ) (8,793 )
Net expenses 2,808,519 5,124,089 196,853 1,890,802
Net investment income 19,680,873 52,143,566 927,165 17,211,060
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (1,261,304 ) (4,948,562 ) (141,621 ) (3,129,812 )
Futures (1,442,776 ) (5,901,089 ) (14,974 ) (2,195,962 )
(2,704,080 ) (10,849,651 ) (156,595 ) (5,325,774 )
Net change in unrealized appreciation/depreciation on:
Investments 8,225,892 27,124,522 54,326 16,876,090
Futures (1,374,651 ) (4,940,945 ) (6,061 ) (1,831,469 )
6,851,241 22,183,577 48,265 15,044,621
Net change in transactions related to investment
violation 1 :
Realized and unrealized losses — — (18,421 ) —
Reimbursements from Advisor — — 18,421 —
Realized and unrealized gains 167,280 — 10,779 —
167,280 — 10,779 —
Net gain (loss) 4,314,441 11,333,926 (97,551 ) 9,718,847
Dividends and Distributions to
Preferred Shareholders from:
Net investment income (1,560,276 ) (3,870,243 ) (61,122 ) (1,276,088 )
Net realized gains — — (3,726 ) —
Total dividends and distributions (1,560,276 ) (3,870,243 ) (64,848 ) (1,276,088 )
Net Increase in Net Assets Applicable
to Common Shareholders Resulting
from Operations $ 22,435,038 $ 59,607,249 $ 764,766 $ 25,653,819

1 Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

36

Florida Investment Quality Municipal Trust (RFA) — $ 1,320,020 $ 8,411,655 $ 1,173,494 $ 9,624,433 $ 1,501,865 $ 16,009,531
89,371 945,314 78,659 1,050,378 104,366 1,789,357
25,535 — 22,475 — 29,819 —
11,346 16,104 11,346 15,309 11,346 16,104
10,111 53,458 9,870 53,428 12,050 68,609
7,320 22,906 7,320 26,572 7,320 40,663
12,544 14,274 12,544 15,738 12,544 26,718
857 22,560 807 22,560 930 31,586
14,379 37,241 14,379 37,823 14,379 39,973
6,013 19,146 6,013 19,205 6,013 29,432
1,825 13,989 1,627 12,719 2,134 21,619
25,096 151,455 22,823 167,090 28,595 288,982
17,991 27,984 17,879 28,793 18,025 38,946
222,388 1,324,431 205,742 1,449,615 247,521 2,391,989
— (393,881 ) — (437,658 ) — (745,565 )
(5,393 ) (4,780 ) (5,052 ) (4,384 ) (4,832 ) (4,569 )
216,995 925,770 200,690 1,007,573 242,689 1,641,855
1,103,025 7,485,885 972,804 8,616,860 1,259,176 14,367,676
165,971 329,153 173,985 174,559 95,047 200,520
(19,623 ) (837,327 ) (14,974 ) (989,780 ) (24,608 ) (1,478,092 )
146,348 (508,174 ) 159,011 (815,221 ) 70,439 (1,277,572 )
(389,521 ) 4,201,859 (350,999 ) 6,199,284 (71,668 ) 6,906,153
(8,407 ) (696,470 ) (6,063 ) (846,903 ) (10,435 ) (1,218,440 )
(397,928 ) 3,505,389 (357,062 ) 5,352,381 (82,103 ) 5,687,713
— — (86,481 ) — (3,690 ) —
— — 86,481 — 3,690 —
46,656 — — — 4,284 —
46,656 — — — 4,284 —
(204,924 ) 2,997,215 (198,051 ) 4,537,160 (7,380 ) 4,410,141
(78,189 ) (548,629 ) (70,911 ) (623,629 ) (92,575 ) (1,058,252 )
(24,220 ) — — — — —
(102,409 ) (548,629 ) (70,911 ) (623,629 ) (92,575 ) (1,058,252 )
$ 795,692 $ 9,934,471 $ 703,842 $ 12,530,391 $ 1,159,221 $ 17,719,565

37

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended October 31, 2004 and 2003
Investment Quality Municipal Trust (BKN) — 2004 2003 2004 2003
Increase (Decrease) in Net Assets
Applicable to Common Shareholders
Operations:
Net investment income $ 19,680,873 $ 19,425,882 $ 52,143,566 $ 53,252,034
Net realized gain (loss) (2,704,080 ) (3,112,753 ) (10,849,651 ) (21,756,169 )
Net change in unrealized appreciation/depreciation 6,851,241 1,574,886 22,183,577 37,007,594
Net change in transactions related to investment
violation 1 167,280 — — —
Dividends and distributions to preferred
shareholders from:
Net investment income (1,560,276 ) (1,501,763 ) (3,870,243 ) (3,836,525 )
Net realized gains — — — —
Net increase in net assets resulting from operations 22,435,038 16,386,252 59,607,249 64,666,934
Dividends and Distributions to Common
Shareholders from:
Net investment income (15,274,761 ) (14,781,077 ) (42,421,794 ) (41,326,371 )
Net realized gains — — — —
Total dividends and distributions (15,274,761 ) (14,781,077 ) (42,421,794 ) (41,326,371 )
Capital Share Transactions:
Reinvestment of common dividends — — 519,196 922,048
Net proceeds from capital share transactions — — 519,196 922,048
Total increase (decrease) 7,160,277 1,605,175 17,704,651 24,262,611
Net Assets Applicable to
Common Shareholders
Beginning of year 255,314,691 253,709,516 603,943,490 579,680,879
End of year $ 262,474,968 $ 255,314,691 $ 621,648,141 $ 603,943,490
End of year undistributed net investment income $ 12,876,540 $ 10,109,122 $ 20,211,294 $ 14,382,973
1 Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

38

California Investment Quality Municipal Trust (RAA) — 2004 2003 2004 2003 2004 2003
$ 927,165 $ 1,057,654 $ 17,211,060 $ 16,928,458 $ 1,103,025 $ 1,175,275
(156,595 ) 51,040 (5,325,774 ) (124,407 ) 146,348 248,044
48,265 (455,653 ) 15,044,621 (5,006,045 ) (397,928 ) (687,041 )
10,779 — — — 46,656 —
(61,122 ) (64,203 ) (1,276,088 ) (1,214,717 ) (78,189 ) (88,761 )
(3,726 ) — — — (24,220 ) —
764,766 588,838 25,653,819 10,583,289 795,692 647,517
(853,209 ) (834,841 ) (13,680,084 ) (13,401,474 ) (957,321 ) (939,337 )
(48,441 ) — — — (256,301 ) —
(901,650 ) (834,841 ) (13,680,084 ) (13,401,474 ) (1,213,622 ) (939,337 )
— — — — — —
— — — — — —
(136,884 ) (246,003 ) 11,973,735 (2,818,185 ) (417,930 ) (291,820 )
14,665,452 14,911,455 209,396,997 212,215,182 17,347,020 17,638,840
$ 14,528,568 $ 14,665,452 $ 221,370,732 $ 209,396,997 $ 16,929,090 $ 17,347,020
$ 373,382 $ 393,562 $ 6,189,963 $ 3,935,119 $ 489,204 $ 421,748

39

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the years ended October 31, 2004 and 2003
Florida Municipal Income Trust (BBF) — 2004 2003 2004 2003
Increase (Decrease) in Net Assets
Applicable to Common Shareholders
Operations:
Net investment income $ 7,485,885 $ 7,355,264 $ 972,804 $ 1,006,244
Net realized gain (loss) (508,174 ) 630,302 159,011 6,919
Net change in unrealized appreciation/depreciation 3,505,389 (777,309 ) (357,062 ) 109,486
Net change in transactions related to investment
violation 1 — — — —
Dividends to preferred shareholders from
net investment income (548,629 ) (521,291 ) (70,911 ) (61,319 )
Net increase in net assets resulting from operations 9,934,471 6,686,966 703,842 1,061,330
Dividends to Common Shareholders from:
Net investment income (6,011,618 ) (5,914,155 ) (811,491 ) (801,290 )
Total increase (decrease) 3,922,853 772,811 (107,649 ) 260,040
Net Assets Applicable to
Common Shareholders:
Beginning of year 97,589,085 96,816,274 15,007,188 14,747,148
End of year $ 101,511,938 $ 97,589,085 $ 14,899,539 $ 15,007,188
End of year undistributed net investment income $ 2,393,507 $ 1,467,876 $ 600,862 $ 550,518
1 Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

40

New Jersey Municipal Income Trust (BNJ) — 2004 2003 2004 2003 2004 2003
$ 8,616,860 $ 8,465,666 $ 1,259,176 $ 1,346,704 $ 14,367,676 $ 14,192,727
(815,221 ) (29,376 ) 70,439 357,056 (1,277,572 ) (486,109 )
5,352,381 895,164 (82,103 ) (636,582 ) 5,687,713 2,196,536
— — 4,284 — — —
(623,629 ) (616,370 ) (92,575 ) (88,859 ) (1,058,252 ) (1,130,137 )
12,530,391 8,715,084 1,159,221 978,319 17,719,565 14,773,017
(6,682,923 ) (6,528,221 ) (1,146,975 ) (1,146,823 ) (11,320,282 ) (11,098,501 )
5,847,468 2,186,863 12,246 (168,504 ) 6,399,283 3,674,516
108,171,959 105,985,096 20,053,261 20,221,765 184,874,432 181,199,916
$ 114,019,427 $ 108,171,959 $ 20,065,507 $ 20,053,261 $ 191,273,715 $ 184,874,432
$ 3,228,123 $ 1,917,815 $ 584,462 $ 569,685 $ 4,820,612 $ 2,832,034

41

FINANCIAL HIGHLIGHTS
BlackRock Investment Quality Municipal Trust (BKN)
Year Ended October 31, — 2004 2003 2002 2001 2000
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year $ 15.28 $ 15.19 $ 15.19 $ 14.30 $ 13.95
Investment operations:
Net investment income 1.17 1.16 1.20 1.20 1.13
Net realized and unrealized gain (loss) 0.26 (0.09 ) (0.26 ) 0.75 0.43
Dividends to preferred shareholders from
net investment income (0.09 ) (0.09 ) (0.13 ) (0.29 ) (0.35 )
Net increase from investment operations 1.34 0.98 0.81 1.66 1.21
Dividends to common shareholders from
net investment income (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 year $ 15.71 $ 15.28 $ 15.19 $ 15.19 $ 14.30
Market price, end of year $ 15.12 $ 14.26 $ 13.48 $ 13.73 $ 12.13
TOTAL INVESTMENT RETURN 1 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 1.08 % 1.10 % 1.09 % 1.14 % 1.20 %
Expenses after fees waived and before fees paid indirectly 1.08 % 1.10 % 1.09 % 1.14 % 1.20 %
Expenses before fees waived and paid indirectly 1.08 % 1.10 % 1.09 % 1.14 % 1.20 %
Net investment income after fees waived and paid
indirectly and before preferred share dividends 7.59 % 7.62 % 7.93 % 8.10 % 8.18 %
Preferred share dividends 0.60 % 0.59 % 0.83 % 1.94 % 2.53 %
Net investment income available to common shareholders 6.99 % 7.03 % 7.10 % 6.16 % 5.65 %
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 259,470 $ 254,890 $ 251,428 $ 247,832 $ 230,746
Portfolio turnover 52 % 36 % 19 % 4 % 35 %
Net assets of common shareholders, end of year (000) $ 262,475 $ 255,315 $ 253,710 $ 253,777 $ 238,849
Preferred shares value outstanding, end of year (000) $ 146,550 $ 146,550 $ 146,550 $ 146,550 $ 146,550
Asset coverage per preferred share, end of year $ 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. |
| 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.

42

FINANCIAL HIGHLIGHTS
BlackRock Municipal Income Trust (BFK)
Year Ended October 31,
2004 2003 2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 13.87 $ 13.33 $ 14.30 $ 14.33 3
Investment operations:
Net investment income 1.19 1.23 1.20 0.17
Net realized and unrealized gain (loss) 0.26 0.35 (1.11 ) 0.12
Dividends to preferred shareholders from
net investment income (0.09 ) (0.09 ) (0.13 ) (0.01 )
Net increase (decrease) from investment operations 1.36 1.49 (0.04 ) 0.28
Dividends and distributions to common shareholders:
Net investment income (0.97 ) (0.95 ) (0.93 ) (0.16 )
In excess of net investment income — — — (0.01 )
Total dividends and distributions (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 $ 14.26 $ 13.87 $ 13.33 $ 14.30
Market price, end of period $ 14.05 $ 13.70 $ 13.46 $ 14.75
TOTAL INVESTMENT RETURN 4 10.01 % 9.21 % (2.40 )% (1.13 )%
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS: 5
Expenses after fees waived and paid indirectly 0.83 % 0.84 % 0.81 % 0.61 % 6
Expenses after fees waived and before fees paid indirectly 0.83 % 0.84 % 0.83 % 0.62 % 6
Expenses before fees waived and paid indirectly 1.23 % 1.25 % 1.23 % 0.91 % 6
Net investment income after fees waived and paid indirectly
and before preferred share dividends 8.44 % 8.96 % 8.74 % 4.59 % 6
Preferred share dividends 0.63 % 0.65 % 0.92 % 0.38 % 6
Net investment income available to common shareholders 7.81 % 8.31 % 7.82 % 4.21 % 6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 618,076 $ 594,192 $ 598,425 $ 572,610
Portfolio turnover 59 % 56 % 70 % 27 %
Net assets of common shareholders, end of period (000) $ 621,648 $ 603,943 $ 579,681 $ 619,249
Preferred shares value outstanding, end of period (000) $ 375,125 $ 375,125 $ 375,125 $ 375,125
Asset coverage per preferred share, end of period $ 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.

43

FINANCIAL HIGHLIGHTS
BlackRock California Investment Quality Municipal Trust (RAA)
Year Ended October 31, — 2004 2003 2002 2001 2000
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year $ 14.56 $ 14.81 $ 15.30 $ 14.62 $ 14.34
Investment operations:
Net investment income 0.92 1.05 1.04 1.05 1.06
Net realized and unrealized gain (loss) (0.09 ) (0.41 ) (0.64 ) 0.63 0.29
Dividends to preferred shareholders from net
investment income (0.06 ) (0.06 ) (0.09 ) (0.21 ) (0.25 )
Net increase from investment operations 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 (0.05 ) — — — —
Total dividends and distributions (0.90 ) (0.83 ) (0.80 ) (0.79 ) (0.82 )
Net asset value, end of year $ 14.43 $ 14.56 $ 14.81 $ 15.30 $ 14.62
Market price, end of year $ 14.30 $ 14.03 $ 13.38 $ 15.55 $ 14.00
TOTAL INVESTMENT RETURN 1 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 % 1.40 % 1.29 % 1.38 % 1.41 %
Expenses after fees waived and before fees paid indirectly 1.40 % 1.40 % 1.29 % 1.38 % 1.41 %
Expenses before fees paid indirectly 1.40 % 1.40 % 1.29 % 1.38 % 1.41 %
Net investment income after fees waived and paid
indirectly and before preferred share dividends 6.37 % 7.17 % 6.86 % 7.04 % 7.36 %
Preferred share dividends 0.42 % 0.44 % 0.59 % 1.39 % 1.75 %
Net investment income available to common shareholders 5.95 % 6.73 % 6.27 % 5.65 % 5.61 %
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 14,553 $ 14,752 $ 15,221 $ 15,072 $ 14,450
Portfolio turnover 15 % 6 % 30 % 1 % — %
Net assets of common shareholders, end of year (000) $ 14,529 $ 14,665 $ 14,911 $ 15,411 $ 14,725
Preferred shares value outstanding, end of year (000) $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
Asset coverage per preferred share, end of year $ 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. |
| 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.

44

FINANCIAL HIGHLIGHTS
BlackRock California Municipal Income Trust (BFZ)
Year Ended October 31,
2004 2003 2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 13.97 $ 14.16 $ 14.50 $ 14.33 3
Investment operations:
Net investment income 1.15 1.12 1.11 0.16
Net realized and unrealized gain (loss) 0.65 (0.34 ) (0.46 ) 0.32
Dividends to preferred shareholders from
net investment income (0.09 ) (0.08 ) (0.12 ) (0.01 )
Net increase from investment operations 1.71 0.70 0.53 0.47
Dividends and distributions to common shareholders:
Net investment income (0.91 ) (0.89 ) (0.87 ) (0.15 )
In excess of net investment income — — — (0.01 )
Total dividends and distributions (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 $ 14.77 $ 13.97 $ 14.16 $ 14.50
Market price, end of period $ 13.65 $ 13.21 $ 13.09 $ 14.75
TOTAL INVESTMENT RETURN 4 10.58 % 7.92 % (5.49 )% (1.17 )%
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS: 5
Expenses after fees waived and paid indirectly 0.87 % 0.89 % 0.88 % 0.72 % 6
Expenses after fees waived and before fees paid indirectly 0.88 % 0.89 % 0.90 % 0.73 % 6
Expenses before fees waived and paid indirectly 1.28 % 1.30 % 1.31 % 1.02 % 6
Net investment income after fees waived and paid indirectly
and before preferred share dividends 7.96 % 8.01 % 7.96 % 4.06 % 6
Preferred share dividends 0.59 % 0.57 % 0.86 % 0.38 % 6
Net investment income available to common shareholders 7.37 % 7.44 % 7.10 % 3.68 % 6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 216,238 $ 211,275 $ 209,965 $ 199,356
Portfolio turnover 15 % 34 % 44 % 16 %
Net assets of common shareholders, end of period (000) $ 221,371 $ 209,397 $ 212,215 $ 216,829
Preferred shares value outstanding, end of period (000) $ 131,950 $ 131,950 $ 131,950 $ 131,950
Asset coverage per preferred share, end of period $ 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.

45

FINANCIAL HIGHLIGHTS
BlackRock Florida Investment Quality Municipal Trust (RFA)
Year Ended October 31, — 2004 2003 2002 2001 2000
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year $ 15.39 $ 15.65 $ 15.50 $ 14.65 $ 14.29
Investment operations:
Net investment income 0.98 1.04 1.05 1.03 1.07
Net realized and unrealized gain (loss) (0.18 ) (0.39 ) 0.02 0.86 0.40
Dividends and distributions to preferred shareholders:
Net investment income (0.07 ) (0.08 ) (0.11 ) (0.24 ) (0.31 )
Net realized gains (0.02 ) — — — —
Net increase from investment operations 0.71 0.57 0.96 1.65 1.16
Dividends and distributions to common shareholders:
Net investment income (0.85 ) (0.83 ) (0.81 ) (0.80 ) (0.80 )
Net realized gains (0.23 ) — — — —
Total dividends and distributions (1.08 ) (0.83 ) (0.81 ) (0.80 ) (0.80 )
Net asset value, end of year $ 15.02 $ 15.39 $ 15.65 $ 15.50 $ 14.65
Market price, end of year $ 14.30 $ 14.47 $ 14.50 $ 14.36 $ 13.13
TOTAL INVESTMENT RETURN 1 6.32 % 5.52 % 6.52 % 15.65 % 9.00 %
RATIOS TO AVERAGE NET ASSETS
OF COMMON SHAREHOLDERS: 2
Expenses after fees paid indirectly 1.27 % 1.29 % 1.20 % 1.38 % 1.22 %
Expenses after fees waived and before fees paid indirectly 1.31 % 1.29 % 1.20 % 1.38 % 1.22 %
Expenses before fees paid indirectly 1.31 % 1.29 % 1.20 % 1.38 % 1.22 %
Net investment income after fees paid indirectly and
before preferred share dividends 6.48 % 6.69 % 6.76 % 6.83 % 7.48 %
Preferred share dividends 0.46 % 0.51 % 0.69 % 1.58 % 2.18 %
Net investment income available to common shareholders 6.02 % 6.18 % 6.07 % 5.25 % 5.30 %
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 17,035 $ 17,561 $ 17,427 $ 17,046 $ 16,167
Portfolio turnover 13 % 17 % 8 % — % — %
Net assets of common shareholders, end of year (000) $ 16,929 $ 17,347 $ 17,639 $ 17,472 $ 16,509
Preferred shares value outstanding, end of year (000) $ 8,500 $ 8,500 $ 8,500 $ 8,500 $ 8,500
Asset coverage per preferred share, end of year $ 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. |
| 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.

46

FINANCIAL HIGHLIGHTS
BlackRock Florida Municipal Income Trust (BBF)
Year Ended October 31,
2004 2003 2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 14.68 $ 14.57 $ 14.37 $ 14.33 3
Investment operations:
Net investment income 1.12 1.11 1.07 0.17
Net realized and unrealized gain (loss) 0.45 (0.03 ) 0.13 0.18
Dividends to preferred shareholders from
net investment income (0.08 ) (0.08 ) (0.12 ) (0.01 )
Net increase from investment operations 1.49 1.00 1.08 0.34
Dividends to common shareholders from
net investment income (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 $ 15.27 $ 14.68 $ 14.57 $ 14.37
Market price, end of period $ 14.40 $ 13.36 $ 13.65 $ 14.50
TOTAL INVESTMENT RETURN 4 15.04 % 4.30 % 0.16 % (2.84 )%
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS: 5
Expenses after fees waived and paid indirectly 0.93 % 0.94 % 0.96 % 0.87 % 6
Expenses after fees waived and before fees paid indirectly 0.93 % 0.95 % 0.98 % 0.88 % 6
Expenses before fees waived and paid indirectly 1.32 % 1.35 % 1.38 % 1.17 % 6
Net investment income after fees waived and paid indirectly
and before preferred share dividends 7.49 % 7.50 % 7.59 % 4.43 % 6
Preferred share dividends 0.55 % 0.53 % 0.82 % 0.37 % 6
Net investment income available to common shareholders 6.94 % 6.97 % 6.77 % 4.06 % 6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 100,002 $ 98,081 $ 93,558 $ 87,918
Portfolio turnover 10 % 19 % 35 % 28 %
Net assets of common shareholders, end of period (000) $ 101,512 $ 97,589 $ 96,816 $ 95,123
Preferred shares value outstanding, end of period (000) $ 57,550 $ 57,550 $ 57,550 $ 57,550
Asset coverage per preferred share, end of period $ 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.

47

FINANCIAL HIGHLIGHTS
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
Year Ended October 31, — 2004 2003 2002 2001 2000
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year $ 14.90 $ 14.64 $ 14.85 $ 13.96 $ 13.52
Investment operations:
Net investment income 0.97 1.00 1.02 0.96 1.01
Net realized and unrealized gain (loss) (0.20 ) 0.12 (0.39 ) 0.87 0.43
Dividends to preferred shareholders from net
investment income (0.07 ) (0.06 ) (0.09 ) (0.21 ) (0.27 )
Net increase from investment operations 0.70 1.06 0.54 1.62 1.17
Dividends to common shareholders from net
investment income (0.81 ) (0.80 ) (0.75 ) (0.73 ) (0.73 )
Net asset value, end of year $ 14.79 $ 14.90 $ 14.64 $ 14.85 $ 13.96
Market price, end of year $ 15.00 $ 14.80 $ 13.30 $ 13.75 $ 12.13
TOTAL INVESTMENT RETURN 1 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 1.34 % 1.39 % 1.31 % 1.54 % 1.32 %
Expenses after fees waived and before fees paid indirectly 1.37 % 1.39 % 1.31 % 1.54 % 1.32 %
Expenses before fees waived and paid indirectly 1.37 % 1.39 % 1.31 % 1.54 % 1.32 %
Net investment income after fees waived and paid
indirectly and before preferred share dividends 6.50 % 6.72 % 6.93 % 6.64 % 7.44 %
Preferred share dividends 0.47 % 0.41 % 0.61 % 1.47 % 1.98 %
Net investment income available to common shareholders 6.03 % 6.31 % 6.32 % 5.17 % 5.46 %
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 14,974 $ 14,975 $ 14,791 $ 14,570 $ 13,696
Portfolio turnover 12 % 4 % 14 % 9 % 23 %
Net assets of common shareholders, end of year (000) $ 14,900 $ 15,007 $ 14,747 $ 14,958 $ 14,059
Preferred shares value outstanding, end of year (000) $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
Asset coverage per preferred share, end of year $ 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. |
| 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.

48

FINANCIAL HIGHLIGHTS
BlackRock New Jersey Municipal Income Trust (BNJ)
Year Ended October 31,
2004 2003 2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 14.59 $ 14.29 $ 14.26 $ 14.33 3
Investment operations:
Net investment income 1.16 1.15 1.10 0.14
Net realized and unrealized gain (loss) 0.61 0.11 (0.07 ) 0.10
Dividends to preferred shareholders from
net investment income (0.08 ) (0.08 ) (0.12 ) (0.01 )
Net increase from investment operations 1.69 1.18 0.91 0.23
Dividends and distributions to common shareholders:
Net investment income (0.90 ) (0.88 ) (0.87 ) (0.13 )
In excess of net investment income — — — (0.03 )
Total dividends and distributions (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 $ 15.38 $ 14.59 $ 14.29 $ 14.26
Market price, end of period $ 14.45 $ 14.04 $ 13.64 $ 14.84
TOTAL INVESTMENT RETURN 4 9.63 % 9.59 % (2.25 )% (0.56 )%
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS: 5
Expenses after fees waived and paid indirectly 0.91 % 0.93 % 0.93 % 0.83 % 6
Expenses after fees waived and before fees paid indirectly 0.91 % 0.94 % 0.97 % 0.84 % 6
Expenses before fees waived and paid indirectly 1.30 % 1.34 % 1.37 % 1.12 % 6
Net investment income after fees waived and paid indirectly
and before preferred share dividends 7.74 % 7.85 % 7.81 % 3.67 % 6
Preferred share dividends 0.56 % 0.57 % 0.88 % 0.37 % 6
Net investment income available to common shareholders 7.18 % 7.28 % 6.93 % 3.30 % 6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 111,263 $ 107,900 $ 104,241 $ 97,050
Portfolio turnover 16 % 13 % 50 % 16 %
Net assets of common shareholders, end of period (000) $ 114,019 $ 108,172 $ 105,985 $ 105,089
Preferred shares value outstanding, end of period (000) $ 63,800 $ 63,800 $ 63,800 $ 63,800
Asset coverage per preferred share, end of period $ 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.

49

FINANCIAL HIGHLIGHTS
BlackRock New York Investment Quality Municipal Trust (RNY)
Year Ended October 31, — 2004 2003 2002 2001 2000
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year $ 15.34 $ 15.47 $ 15.28 $ 14.55 $ 14.11
Investment operations:
Net investment income 0.96 1.03 1.06 1.06 1.08
Net realized and unrealized gain (loss) — (0.21 ) 0.06 0.70 0.44
Dividends to preferred shareholders from net
investment income (0.07 ) (0.07 ) (0.09 ) (0.21 ) (0.26 )
Net increase (decrease) from investment operations 0.89 0.75 1.03 1.55 1.26
Dividends to common shareholders from net
investment income (0.88 ) (0.88 ) (0.84 ) (0.82 ) (0.82 )
Net asset value, end of year $ 15.35 $ 15.34 $ 15.47 $ 15.28 $ 14.55
Market price, end of year $ 14.50 $ 14.18 $ 14.40 $ 14.20 $ 12.63
TOTAL INVESTMENT RETURN 1 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 1.21 % 1.24 % 1.17 % 1.31 % 1.21 %
Expenses after fees waived and before fees paid indirectly 1.24 % 1.24 % 1.17 % 1.31 % 1.21 %
Expenses before fees paid indirectly 1.24 % 1.24 % 1.17 % 1.31 % 1.21 %
Net investment income after fees waived and
paid indirectly and before preferred share dividends 6.29 % 6.68 % 6.97 % 7.06 % 7.63 %
Preferred share dividends 0.46 % 0.44 % 0.60 % 1.40 % 1.83 %
Net investment income available to common shareholders 5.83 % 6.24 % 6.37 % 5.66 % 5.81 %
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 20,019 $ 20,158 $ 19,915 $ 19,663 $ 18,523
Portfolio turnover 23 % 36 % 7 % — % 22 %
Net assets of common shareholders, end of year (000) $ 20,066 $ 20,053 $ 20,222 $ 19,973 $ 19,016
Preferred shares value outstanding, end of year (000) $ 9,800 $ 9,800 $ 9,800 $ 9,800 $ 9,800
Asset coverage per preferred share, end of year $ 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. |
| 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.

50

FINANCIAL HIGHLIGHTS
BlackRock New York Municipal Income Trust (BNY)
Year Ended October 31,
2004 2003 2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 14.76 $ 14.47 $ 14.09 $ 14.33 3
Investment operations:
Net investment income 1.14 1.14 1.09 0.15
Net realized and unrealized gain (loss) 0.36 0.13 0.29 (0.08 )
Dividends to preferred shareholders from
net investment income (0.08 ) (0.09 ) (0.13 ) (0.01 )
Net increase from investment operations 1.42 1.18 1.25 0.06
Dividends and distributions to common shareholders:
Net investment income (0.90 ) (0.89 ) (0.87 ) (0.14 )
In excess of net investment income — — — (0.02 )
Total dividends and distributions (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 $ 15.28 $ 14.76 $ 14.47 $ 14.09
Market price, end of period $ 13.99 $ 13.45 $ 13.42 $ 14.62
TOTAL INVESTMENT RETURN 4 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 % 0.88 % 0.90 % 0.73 % 6
Expenses after fees waived and before fees paid indirectly 0.87 % 0.89 % 0.92 % 0.74 % 6
Expenses before fees waived and paid indirectly 1.27 % 1.29 % 1.33 % 1.03 % 6
Net investment income after fees waived and paid indirectly
and before preferred share dividends 7.62 % 7.73 % 7.87 % 3.93 % 6
Preferred share dividends 0.56 % 0.62 % 0.93 % 0.37 % 6
Net investment income available to common shareholders 7.06 % 7.11 % 6.94 % 3.56 % 6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) $ 188,746 $ 183,648 $ 173,885 $ 163,077
Portfolio turnover 13 % 14 % 57 % 2 %
Net assets of common shareholders, end of period (000) $ 191,274 $ 184,874 $ 181,200 $ 175,110
Preferred shares value outstanding, end of period (000) $ 109,750 $ 109,750 $ 109,750 $ 109,750
Asset coverage per preferred share, end of period $ 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.

51

NOTES TO FINANCIAL STATEMENTS

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 Board of Trustees.

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

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 (“SEC”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

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.

52

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the 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.

Reclassification of Capital Accounts: In order to present undistributed (distribution in excess of) net investment income (“UNII”) and accumulated net realized gain (“Accumulated Gain”) more closely to its tax character, the following accounts for each Trust were increased (decreased):

Trust UNII Accumulated — Gain Trust UNII Accumulated — Gain
Municipal Investment Quality $ (78,418 ) $ 78,418 Florida Income $ (7 ) $ 7
Municipal Income (23,208 ) 23,208 New Jersey Investment Quality (40,058 ) 40,058
California Investment Quality (32,978 ) 32,978 New Jersey Income — —
California Income (44 ) 44 New York Investment Quality (4,849 ) 4,849
Florida Investment Quality (59 ) 59 New York Income (564 ) 564

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 on the Income Trusts 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 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.

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
Trust Purchases Sales Trust Purchases Sales
Municipal Investment Quality $ 204,122,815 $ 203,045,345 Florida Income $ 15,440,213 $ 15,066,330
Municipal Income 584,964,077 565,882,727 New Jersey Investment Quality 2,439,520 4,879,572
California Investment Quality 2,797,313 5,762,201 New Jersey Income 27,867,372 27,671,986
California Income 53,023,257 50,855,834 New York Investment Quality 6,279,587 9,451,616
Florida Investment Quality 2,958,675 6,560,790 New York Income 43,892,397 38,795,739

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

Details of open financial futures contracts at October 31, 2004 were as follows:

Number of Expiration Value at Trade Value at Unrealized
Trust Contracts Type Date Date October 31, 2004 Depreciation
Short Positions:
Municipal Investment Quality 677 10 Yr. U.S. T-Note Dec ’ 04 $ 75,507,162 $ 76,881,813 $ (1,374,651 )
Municipal Income 2,433 10 Yr. U.S. T-Note Dec ’ 04 271,356,652 276,297,597 (4,940,945 )
California Investment Quality 3 10 Yr. U.S. T-Note Dec ’ 04 334,626 340,687 (6,061 )
California Income 902 10 Yr. U.S. T-Note Dec ’ 04 100,601,920 102,433,389 (1,831,469 )
Florida Investment Quality 4 10 Yr. U.S. T-Note Dec ’ 04 445,843 454,250 (8,407 )
Florida Income 343 10 Yr. U.S. T-Note Dec ’ 04 38,255,471 38,951,941 (696,470 )
New Jersey Investment Quality 3 10 Yr. U.S. T-Note Dec ’ 04 334,626 340,689 (6,063 )
New Jersey Income 417 10 Yr. U.S. T-Note Dec ’ 04 46,508,666 47,355,569 (846,903 )
New York Investment Quality 5 10 Yr. U.S. T-Note Dec ’ 04 557,380 567,815 (10,435 )
New York Income 600 10 Yr. U.S. T-Note Dec ’ 04 66,919,070 68,137,510 (1,218,440 )

53

At October 31, 2004, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows:

Trust Cost Appreciation Depreciation Net
Municipal Investment Quality $ 378,741,116 $ 31,175,864 $ 183,015 $ 30,992,849
Municipal Income 954,641,669 43,824,869 7,765,246 36,059,623
California Investment Quality 17,820,477 1,007,063 138,875 868,188
California Income 338,861,389 14,370,379 4,348,970 10,021,409
Florida Investment Quality 19,871,513 1,336,914 38,459 1,298,455
Florida Income 151,328,439 7,281,166 1,014,345 6,266,821
New Jersey Investment Quality 19,451,761 1,444,327 254,589 1,189,738
New Jersey Income 166,941,850 9,285,156 1,276,907 8,008,249
New York Investment Quality 26,337,122 1,864,316 40,228 1,824,088
New York Income 287,882,906 15,577,975 1,685,786 13,892,189

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.

Note 4. Distributions to Shareholders The tax character of distributions paid during the year ended October 31, 2004, and the year ended October 31, 2003, were as follows:

Year ended October 31, 2004
Long-term
Distributions Paid From: Tax-exempt Income Ordinary 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

54

Distributions Paid From: Tax-exempt Income Ordinary Income Long-term Capital Gains Total Distributions
Municipal Investment Quality $ 16,282,840 $ — $ — $ 16,282,840
Municipal Income 45,162,896 — — 45,162,896
California Investment Quality 899,044 — — 899,044
California Income 14,616,191 — — 14,616,191
Florida Investment Quality 1,028,098 — — 1,028,098
Florida Income 6,435,446 — — 6,435,446
New Jersey Investment Quality 862,609 — — 862,609
New Jersey Income 7,144,591 — — 7,144,591
New York Investment Quality 1,235,682 — — 1,235,682
New York Income 12,228,638 — — 12,228,638

As of October 31, 2004, the components of distributable earnings on a tax basis were as follows:

Undistributed Undistributed Undistributed — Long-term Unrealized
Tax-exempt Income Ordinary Income Gains Net Appreciation
Municipal Investment Quality $13,762,306 $ — $ — $30,926,134
Municipal Income 23,766,268 — — 35,977,114
California Investment Quality 453,879 — — 855,528
California Income 7,358,695 — — 9,992,708
Florida Investment Quality 574,006 — 138,016 1,285,788
Florida Income 2,913,867 — — 6,256,736
New Jersey Investment Quality 673,653 — — 1,176,506
New Jersey Income 3,769,933 — — 7,995,908
New York Investment Quality 687,438 — — 1,811,502

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 October 31, 2004, 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 —

During the year ended October 31, 2004, Municipal Income issued 35,706 additional shares under its dividend reinvestment plan. During the year ended October 31, 2003, Municipal Income issued 69,968 additional shares under its dividend reinvestment plan.

As of October 31, 2004, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

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

55

Dividends on seven-day preferred shares are cumulative at a rate which resets every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the year ended October 31, 2004, were as follows:

Trust Low High Trust Low High
Municipal Investment Quality 0.80 % 1.60 % Florida Income 0.19 % 1.35 %
Municipal Income 0.45 1.69 New Jersey Investment Quality 0.40 1.58
California Investment Quality 0.45 1.55 New Jersey Income 0.40 2.10
California Income 0.60 1.50 New York Investment Quality 0.45 1.55
Florida Investment Quality 0.80 2.20 New York Income 0.40 1.50

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 October 31, 2004, the Board of each Trust declared dividends from undistributed earnings per common share payable December 1, 2004, to shareholders of record on November 15, 2004. The per share common dividends declared were as follows:

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 November 1, 2004 to November 30, 2004, for each of the Trusts were as follows:

Trust Series Dividends — Declared Trust Series Dividends — Declared
Municipal Investment Quality T7 $ 93,652 Florida Investment Quality R7 $ 13,345
T28 79,768 Florida Income T7 53,522
Municipal Income M7 108,786 New Jersey Investment Quality T7 8,388
T7 87,959 New Jersey Income R7 78,193
W7 90,840 New York Investment Quality F7 14,022
R7 90,930 New York Income W7 62,119
F7 111,037 F7 83,761
California Investment Quality W7 5,937
California Income T7 53,888
R7 67,928
Note 7. Reimbursements
investment grade quality at the time of purchase. The Advisor has reimbursed each of the Trusts for the realized and unrealized losses incurred from the date of purchase through December 18, 2003, as a result of these unauthorized purchases. The net realized and unrealized gains on these securities as of December 18, 2003, was $167,280.00 for Municipal Investment Quality, $10,779.26 for California Investment Quality, $46,655.67 for Florida Investment Quality and $4,284.00 for New York Investment Quality. The amount of the reimbursement for the unrealized losses was $18,420.76 for California Investment Quality, $86,481.10 for New Jersey I nvestment Quality and $3,690.00 for New York Investment Quality. Such amounts have been reflected in the accompanying financial statements for the year ended October 31, 2004.
Note 8. Investment Policy
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.

56

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of: BlackRock Investment Quality Municipal Trust, Inc. BlackRock Municipal Income Trust BlackRock California Investment Quality Municipal Trust, Inc. BlackRock California Municipal Income Trust BlackRock Florida Investment Quality Municipal Trust, Inc. BlackRock Florida Municipal Income Trust BlackRock New Jersey Investment Quality Municipal Trust, Inc. BlackRock New Jersey Municipal Income Trust BlackRock New York Investment Quality Municipal Trust, Inc. BlackRock New York Municipal Income Trust (collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2004, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2004, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Trusts as of October 31, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the periods presented in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP Boston, Massachusetts December 23, 2004

57

DIRECTORS/TRUSTEES INFORMATION (Unaudited)

Independent Trustees — Name, address, age Andrew F. Brimmer Richard E. Cavanagh Kent Dixon Frank J. Fabozzi
P.O. Box 4546 P.O. Box 4546 P.O. Box 4546 P.O. Box 4546
New York, NY 10163-4546 New York, NY 10163-4546 New York, NY 10163-4546 New York, NY 10163-4546
Age 77 Age 58 Age 67 Age 56
Current positions held with Lead Trustee Trustee Trustee Trustee
the Trusts Audit Committee Chairman 2 Audit Committee Member Audit Committee Member 2 Audit Committee Member 3
Term of office and length 3 years 5 / since inception 3 years 5 / since inception 6 3 years 5 / since inception 3 years 5 / since inception
of time served
Principal occupations President of Brimmer & President and Chief Executive Consultant/Investor. Former Consultant. Editor of THE
during the past five years Company, Inc., a Washington, Officer of The Conference President and Chief Executive JOURNAL OF PORTFOLIO
D.C.-based economic and Board, Inc., a leading global Officer of Empire Federal MANAGEMENT and
financial consulting firm, also business research organization, Savings Bank of America and Frederick Frank Adjunct
Wilmer D. Barrett Professor of from 1995-present. Former Banc PLUS Savings Professor of Finance at the
Economics, University of Executive Dean of the John F. Association, former Chairman School of Management at Yale
Massachusetts – Amherst. Kennedy School of Government of the Board, President and University. Author and editor of
Formerly member of the Board at Harvard University from Chief Executive Officer of several books on fixed income
of Governors of the Federal 1988-1995. Acting Director, Northeast Savings. portfolio management. Visiting
Reserve System. Former Harvard Center for Business Professor of Finance and
Chairman, District of Columbia and Government (1991-1993). Accounting at the Sloan School
Financial Control Board. Formerly Partner (principal) of of Management, Massachusetts
McKinsey & Company, Inc. Institute of Technology from
(1980- 1988). Former Executive 1986 to August 1992.
Director of Federal Cash
Management, White House
Office of Management and
Budget (1977-1979). Co-author,
THE WINNING
PERFORMANCE (best selling
management book published in
13 national editions).
Number of portfolios 52 52 52 52
overseen within the fund
complex
Other Directorships held Director of CarrAmerica Realty Trustee: Aircraft Finance Trust Former Director of ISFA (the Director, Guardian Mutual
outside of the fund Corporation and Borg-Warner (AFT) and Educational Testing owner of INVEST, a national Funds Group (18 portfolios).
complex Automotive. Formerly Director Service (ETS). Director, Arch securities brokerage service
of Airborne Express, Chemicals, Fremont Group and designed for banks and thrift
BankAmerica Corporation The Guardian Life Insurance institutions).
(Bank of America), BellSouth Company of America.
Corporation, College
Retirement Equities Fund
(Trustee), Commodity
Exchange, Inc. (Public
Governor), Connecticut Mutual
Life Insurance Company, E.I.
du Pont de Nemours &
Company, Equitable Life
Assurance Society of the
United States, Gannett
Company, Mercedes-Benz of
North America, MNC Financial
Corporation (American
Security Bank), NCM Capital
Management, Navistar
International Corporation, PHH
Corp. and UAL Corporation
(United Airlines).
For “Interested Director/
Trustee” relationships,
events or transactions by
reason of which the Trustee
is an interested person as
defined in Section
2(a)(19)(1940 Act)

1 Interested Trustee/Director as defined by Section 2(a)(19) of the Investment Company Act of 1940.

2 The Board of each Trust has determined that each Trust has two Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer and Mr. Dixon, both of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

3 Appointed Audit Committee Member on May 25, 2004.

4 Trustee/Director since inception; appointed Chairman of the Board on August 22, 2002.

58

Independent Trustees (continued) — R. Glenn Hubbard James Clayburn La Force, Jr. Walter F. Mondale Interested Trustees 1 — Ralph L. Schlosstein Robert S. Kapito
P.O. Box 4546 P.O. Box 4546 P.O. Box 4546 BlackRock, Inc. BlackRock, Inc.
New York, NY 10163-4546 New York, NY 10163-4546 New York, NY 10163-4546 40 East 52nd Street 40 East 52nd Street
Age: 46 Age: 75 Age: 76 New York, NY 10022 New York, NY 10022
Age: 53 Age: 47
Trustee Trustee Trustee Chairman of the Board 4 President and Trustee
3 years 5 / since November 16, 3 years 5 / since inception 3 years 5 / since inception 7 3 years 5 / since inception 3 years 5 / since August 22,
2004 2002
Dean of Columbia Business Dean Emeritus of the John E. Senior Counsel, Dorsey & Director since 1999 and Vice Chairman of BlackRock,
School since July 1, 2004. Anderson Graduate School of Whitney, LLP, a law firm President of BlackRock, Inc. Inc. Head of the Portfolio
Columbia faculty member since Management, University of (January 2004-present); since its formation in 1998 and Management Group. Also a
1988. Co-director of Columbia California since July 1, 1993. Partner, Dorsey & Whitney, of BlackRock, Inc.’s member of the Management
Business School’s Entrepreneur- Acting Dean of the School of LLP, (December 1996- predecessor entities since 1988. Committee, the Investment
ship Program 1994-1997. Business, Hong Kong December 2003, September Member of the Management Strategy Group, the Fixed
Visiting professor at Harvard’s University of Science and 1987-August 1993). Formerly Committee and Investment Income and Global Operating
Kennedy School of Government Technology 1990-1993. From U.S. Ambassador to Japan Strategy Group of BlackRock, Committees and the Equity
and Harvard Business School, 1978 to September 1993, (1993-1996). Formerly Vice Inc. Formerly, Managing Investment Strategy Group.
as well as the University of Dean of the John E. Anderson President of the United States, Director of Lehman Brothers, Responsible for the portfolio
Chicago. Visiting scholar at the Graduate School of U.S. Senator and Attorney Inc. and Co-head of its management of the Fixed
American Enterprise Institute in Management, University of General of the State of Mortgage and Savings Income, Domestic Equity and
Washington and member of California. Minnesota. 1984 Democratic Institutions Group. Chairman International Equity, Liquidity,
International Advisory Board of Nominee for President of the and President of the BlackRock and Alternative Investment
the MBA Program of Ben- United States. Liquidity Funds and Director of Groups of BlackRock.
Gurion University. Deputy several of BlackRock’s
assistant secretary of the U.S. alternative investment vehicles.
Treasury Department for Tax
Policy 1991-1993. Chairman of
the U.S. Council of Economic
Advisers under the President of
the United States 2001 – 2003.
52 52 52 62 52
Director of ADP, Dex Media, Payden & Rygel Investment Director of United Health Member of the Visiting Board Chairman of the Hope and
KKR Financial Corporation, Trust, Metzler-Payden Foundation and the Japan of Overseers of the John F. Heroes Children’s Cancer
and Ripplewood Holdings. Investment Trust, Advisors Society. Member of the Kennedy School of Government Fund. President of the Board
Formerly on the advisory Series Trust, Arena Hubert H. Humphrey Institute at Harvard University, a of Directors of the Periwinkle
boards of the Congressional Pharmaceuticals, Inc. and of Public Affairs Advisory member of the board of the National Theatre for Young
Budget Office, the Council on CancerVax Corporation. Board, The Mike and Maureen Financial Institutions Center of Audiences. Director of
Competitiveness, the Mansfield Foundation, Dean’s The Wharton School of the icruise.com, Corp.
American Council on Capital Board of Visitors of the University of Pennsylvania, a
Formation, the Tax Foundation Medical School at the trustee of the American
and the Center for Addiction University of Minnesota, and Museum of Natural History, a
and Substance Abuse. Trustee the Mayo Foundation trustee of Trinity School in New
of Fifth Avenue Presbyterian Advisory Council to the York City, a member of the
Church of New York. President. Board of Advisors of Marujupu
LLC, and a trustee of New
Visions for Public Education
and of The Public Theater in
New York City. Formerly, a
director of Pulte Corporation,
the nation’s largest homebuilder,
a Trustee of Denison University
and a member of Fannie Mae’s
Advisory Council.
Director and President of the Director and Vice Chairman
Advisor of the Advisor.

5 The Board is classified into three classes of which one class is elected annually. Each Trustee/Director serves a three-year term concurrent with the class from which he is elected.

6 For the Investment Quality Trusts appointed Director/Trustee on 08/11/94.

7 Except during the periods 08/12/93 through 04/15/97 and 10/31/02 through 11/11/02 for all of the Trusts.

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

On August 25, 2004, BlackRock, Inc., the parent of BlackRock Advisors, Inc., the Trusts’ investment advisor, entered into an agreement with MetLife, Inc. ® to acquire SSRM Holdings, Inc., the parent of State Street Research & Management Company, the investment advisor to the State Street Research mutual funds. Management believes there will be no impact to the Trusts as a result of this transaction.

We are required by the Internal Revenue Code to advise you within 60 days of a Trust’s tax year-end as to the Federal tax status of dividends and distributions paid by the Trusts during such tax year. Accordingly, during the tax year-ended October 31, 2004, all dividends paid by all of the Trusts (excluding New York Income, which has a July 31st, tax year end) were federally tax-exempt interest dividends with the exception of California Investment Quality and Florida Investment Quality which had Long Term Capital Gain distributions of $52,167 and $280,521, respectively.

Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/funds/cefunds/index.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, Henry Gabbay and Anne Ackerley—Managing Directors of the Advisor and the Sub-Advisor, Richard M. Shea and James Kong—Managing Directors of the Sub-Advisor, Vincent B. Tritto—Director of the Sub-Advisor, and Brian P. Kindelan—Director of the Advisor.

60

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 2
R. Glenn Hubbard 1 Bank of New York
Robert S. Kapito 100 Church Street, 8th Floor
James Clayburn La Force, Jr. New York, NY 10286
Walter F. Mondale Auction Agent 3
Officers Deutsche Bank Trust Company Americas
Robert S. Kapito, President 60 Wall Street, 27th Floor
Henry Gabbay, Treasurer New York, NY 10005
Bartholomew Battista, Chief Compliance Officer Independent Registered Public Accounting Firm
Anne Ackerley, Vice President Deloitte & Touche LLP
Kevin M. Klingert, Vice President 200 Berkeley Street
Richard M. Shea, Vice President/Tax Boston, MA 02116
James Kong, Assistant Treasurer Legal Counsel
Vincent B. Tritto, Secretary Skadden, Arps, Slate, Meagher & Flom LLP
Brian P. Kindelan, Assistant Secretary Four Times Square
Investment Advisor New York, NY 10036
BlackRock Advisors, Inc. Legal Counsel – Independent Trustees
100 Bellevue Parkway Debevoise & Plimpton LLP
Wilmington, DE 19809 919 Third Avenue
(800) 227-7BFM New York, NY 10022
Sub-Advisor 2
BlackRock Financial Management, Inc. This report is for shareholder information. This is not a prospec-
40 East 52nd Street tus intended for use in the purchase or sale of Trust shares.
New York, NY 10022 Statements and other information contained in this report are as
Accounting Agent and Custodian dated and are subject to change.
State Street Bank and Trust Company
225 Franklin Street BlackRock Closed-End Funds
Boston, MA 02110 c/o BlackRock Advisors, Inc.
100 Bellevue Parkway
1 Appointed November 16, 2004. Wilmington, DE 19809
2 For the Income Trusts. 227-7BFM
3 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-ANN-1

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) Not applicable.

(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that it has two audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer and Mr. Kent Dixon. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees . The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $29,900 for the fiscal year ended October 31, 2004 and $34,000 for the fiscal year ended October 31, 2003.

(b) Audit-Related Fees . The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not

reported above in Item 4(a) were $4,000 for the fiscal year ended October 31, 2004 and $7,300 for the fiscal year ended October 31, 2003. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses.

(c) Tax Fees . The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $13,000 for the fiscal year ended October 31, 2004 and $7,700 for the fiscal year ended October 31, 2003. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.

(d) All Other Fees . There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c).

(e) Audit Committee Pre-Approval Policies and Procedures

(1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Trust's independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit Committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Trust to be provided by the Independent Auditor to any Covered Entity, "Covered Entities" means (1) the Advisor or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Trust.

In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the

Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.

Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).

The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Trust not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority.)

Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

The Audit Committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.

(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Trust's accountant for services rendered to the Trust, the Advisor (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the registrant that directly impacted the Trust for each of the last two fiscal years were $17,000 for the fiscal year ended October 31, 2004 and $15,000 for the fiscal year ended October 31, 2003.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank Fabozzi.

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.

The Registrant has delegated the voting of proxies relating to its voting securities to its investment advisor, BlackRock Advisors, Inc. (the "Advisor") and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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 last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics attached as EX-99.CODE ETH.

(a)(2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.

(a)(3) Not applicable.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.

Proxy Voting Policies attached as EX-99.PROXYPOL.

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: January 4, 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: January 4, 2005

By: /s/ Henry Gabbay _________ Name: Henry Gabbay Title: Principal Financial Officer Date: January 4, 2005

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