BLACKROCK MUNICIPAL INCOME TRUST

N-CSRS 1 c48798_ncsrs.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10339

BlackRock Municipal Income Trust

(Exact name of Registrant as specified in charter)

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

Robert S. Kapito, President
BlackRock
Municipal Income Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)

Registrant's telephone number, including area code: 888-825-2257

Date of fiscal year end: October 31, 2007

Date of reporting period: April 30, 2007

Item 1. Reports to Shareholders.

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

ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES FIXED INCOME LIQUIDITY REAL ESTATE


SEMI-ANNUAL
REPORT \| APRIL 30, 2007 (UNAUDITED)
BlackRock
Investment Quality Municipal Trust (BKN)
BlackRock
Municipal Income Trust (BFK)
BlackRock
Long-Term Municipal Advantage Trust (BTA)
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
Financial Statements
Portfolios
of Investments	13
Statements
of Assets and Liabilities	44
Statements
of Operations	47
Statement
of Cash Flows	50
Statements
of Changes in Net Assets	51
Financial Highlights	56
Notes
to Financial Statements	67
Dividend Reinvestment Plans	74
Additional Information	75

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, Clients) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our website.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

LETTER TO SHAREHOLDERS

April 30, 2007

Dear Shareholder:

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

The portfolio management team continuously monitors the municipal bond market and adjusts the Trusts investments in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credit ratings and coupon levels to capitalize on changing market conditions.

The following table shows the Trusts current yields, tax-equivalent yields, closing market prices per share and net asset values (NAV) per share as of April 30, 2007.

Trust (Ticker)	Current Yield 1	Tax- Equivalent Yield 2	Closing Market Price	NAV
BlackRock Investment
Quality Municipal Trust (BKN)	5.37 %	8.26 %	$ 18.98	$ 15.56
BlackRock Municipal Income
Trust (BFK)	5.31	8.17	18.68	15.27
BlackRock Long-Term
Municipal Advantage Trust (BTA)	4.79	7.37	13.79	14.76
BlackRock California
Investment Quality Municipal Trust (RAA)	4.14	6.37	13.92	14.35
BlackRock California
Municipal Income Trust (BFZ)	5.12	7.88	17.82	15.55
BlackRock Florida
Investment Quality Municipal Trust (RFA)	4.20	6.46	13.70	14.03
BlackRock Florida
Municipal Income Trust (BBF)	5.45	8.38	16.60	15.51
BlackRock New Jersey
Investment Quality Municipal Trust (RNJ)	4.75	7.31	17.19	14.29
BlackRock New Jersey
Municipal Income Trust (BNJ)	4.96	7.63	19.28	16.21
BlackRock New York
Investment Quality Municipal Trust (RNY)	4.99	7.68	16.85	14.95
BlackRock New York
Municipal Income Trust (BNY)	5.14	7.91	17.59	15.73

| 1 | Yields are based on closing
market price. These yields may increase/decrease due to an increase/decrease
in the monthly distribution per common share. Past performance does not
guarantee future results. |
| --- | --- |
| 2 | Tax-equivalent yield assumes
the maximum Federal tax rate of 35%. |

BlackRock, Inc. (BlackRock) a world leader in asset management, has a proven commitment to the municipal bond market. As of March 31, 2007, BlackRock managed over $37 billion in municipal bonds, including 14 open-end and 68 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 worlds largest institutional investors. BlackRock Advisors, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

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

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock Investment Quality Municipal Trust (BKN)

Trust Information
Symbol on New York Stock
Exchange:	BKN
Initial Offering Date:	February
19, 1993
Closing Market Price as of
4/30/07:	$ 18.98
Net Asset Value as of
4/30/07:	$ 15.56
Yield on Closing Market
Price as of 4/30/07 ($18.98): 1	5.37 %
Current Monthly
Distribution per Common Share: 2	$ 0.0850
Current Annualized
Distribution per Common Share: 2	$ 1.0200
Leverage as of 4/30/07: 3	36 %

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

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 18.98	$ 18.97	0.05	%	$ 19.90	$ 18.29
NAV	$ 15.56	$ 15.79	(1.46	)%	$ 15.96	$ 15.44

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

Portfolio Composition — Sector	April 30, 2007		October 31, 2006
City, County & State	22	%	23 %
Hospitals	15		13
Industrial & Pollution
Control	12		14
Housing	9		6
Education	9		9
Transportation	8		8
Power	8		10
Lease Revenue	6		6
Tax Revenue	5		4
Water & Sewer	4		5
Tobacco	2		2
Credit Quality Allocations 4
Credit
Rating	April 30, 2007		October 31, 2006
AAA/Aaa	52	%	51 %
AA/Aa	14		13
A	7		6
BBB/Baa	16		16
BB/Ba	3		4
B	1		2
Not Rated	7	5	8

| 4 | Using the highest of
Standard & Poors (S&Ps), Moodys Investors Service (Moodys) or
Fitch Ratings (Fitchs) ratings. |
| --- | --- |
| 5 | The investment advisor has
deemed certain of these non-rated securities to be of investment grade
quality. As of April 30, 2007, the market value of these securities was
$6,566,286, representing 1.6% of the Trusts long-term investments. |

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock Municipal Income Trust (BFK)

Trust Information
Symbol on New York Stock
Exchange:	BFK
Initial Offering Date:	July
27, 2001
Closing Market Price as of
4/30/07:	$ 18.68
Net Asset Value as of 4/30/07:	$ 15.27
Yield on Closing Market
Price as of 4/30/07 ($18.68): 1	5.31 %
Current Monthly
Distribution per Common Share: 2	$ 0.082625
Current Annualized
Distribution per Common Share: 2	$ 0.991500
Leverage as of 4/30/07: 3	36 %

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

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 18.68	$ 17.30	7.98	%	$ 18.73	$ 16.96
NAV	$ 15.27	$ 15.37	(0.65	)%	$ 15.55	$ 15.16

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

Portfolio Composition — Sector	April 30, 2007		October 31, 2006
Hospitals	22	%	21 %
Industrial & Pollution
Control	18		22
City, County & State	11		11
Transportation	10		9
Housing	9		8
Education	8		8
Tobacco	6		4
Power	5		7
Tax Revenue	5		5
Lease Revenue	3		2
Water & Sewer	3	5	3
Credit Quality Allocations 4
Credit
Rating	April 30, 2007		October 31, 2006
AAA/Aaa	34	%	30 %
AA/Aa	9		9
A	21		21
BBB/Baa	20		21
BB/Ba	4		5
B	5		7
Not Rated	7	5	7

| 4 | Using the highest of
S&Ps, Moodys or Fitchs ratings. |
| --- | --- |
| 5 | The investment advisor has
deemed certain of these non-rated securities to be of investment grade
quality. As of April 30, 2007, the market value of these securities was
$12,783,807, representing 1.2% of the Trusts long-term investments. |

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock Long-Term Municipal Advantage Trust (BTA)

Trust Information
Symbol on New York Stock
Exchange:	BTA
Initial Offering Date:	February
28, 2006
Closing Market Price as of
4/30/07:	$ 13.79
Net Asset Value as of
4/30/07:	$ 14.76
Yield on Closing Market
Price as of 4/30/07 ($13.79): 1	4.79 %
Current Monthly
Distribution per Common Share: 2	$ 0.0550
Current Annualized
Distribution per Common Share: 2	$ 0.6600

The table below summarizes the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 13.79	$ 14.70	(6.19	)%	$ 15.30	$ 13.49
NAV	$ 14.76	$ 14.89	(0.87	)%	$ 15.22	$ 14.60

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

Portfolio Composition — Sector	April 30, 2007	October 31, 2006
Water & Sewer	19 %	10 %
Education	17	24
Hospital	17	12
Tobacco	15	14
Industrial & Pollution
Control	9	14
Housing	7	1
Transportation	7	13
City, County & State	5	4
Power	3	4
Lease Revenue	1	4
Credit Quality Allocations 3
Credit
Rating	April 30, 2007	October 31, 2006
AAA/Aaa	43 %	33 %
AA/Aa	28	21
A	3	4
BBB/Baa	18	33
B	3	2
Not Rated 4	5	7

| 3 | Using the highest of
S&Ps, Moodys or Fitchs ratings. |
| --- | --- |
| 4 | The investment advisor has
deemed certain of these non-rated securities to be of investment grade
quality. As of April 30, 2007 and October 31, 2006, the market value of these
securities was $7,121,660, representing 2.0%, and $7,110,320, representing
3.6%, respectively, of the Trusts long-term investments. |

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock California Investment Quality Municipal Trust (RAA)

Trust Information
Symbol on American Stock
Exchange:	RAA
Initial Offering Date:	May
28, 1993
Closing Market Price as of
4/30/07:	$ 13.92
Net Asset Value as of
4/30/07:	$ 14.35
Yield on Closing Market
Price as of 4/30/07 ($13.92): 1	4.14 %
Current Monthly
Distribution per Common Share: 2	$ 0.0480
Current Annualized
Distribution per Common Share: 2	$ 0.5760
Leverage as of 4/30/07: 3	34 %

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 13.92	$ 15.80	(11.90	)%	$ 16.65	$ 13.72
NAV	$ 14.35	$ 14.51	(1.10	)%	$ 14.68	$ 14.23

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

Portfolio Composition — Sector	April 30, 2007	October 31, 2006
City, County & State	29 %	26 %
Education	18	16
Tobacco	11	10
Industrial & Pollution
Control	11	13
Hospitals	8	7
Housing	5	2
Power	4	3
Lease Revenue	4	4
Transportation	3	14
Resource Recovery	3
Other	2
Water & Sewer	2	5
Credit Quality Allocations 4
Credit
Rating	April 30, 2007	October 31, 2006
AAA/Aaa	49 %	62 %
AA/Aa	5
A	21	14
BBB/Baa	10	7
B	5	6
Not Rated	10	11

4 Using the highest of S&Ps, Moodys or Fitchs ratings.

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock California Municipal Income Trust (BFZ)

Trust Information
Symbol on New York Stock
Exchange:	BFZ
Initial Offering Date:	July
27, 2001
Closing Market Price as of
4/30/07:	$ 17.82
Net Asset Value as of
4/30/07:	$ 15.55
Yield on Closing Market
Price as of 4/30/07 ($17.82): 1	5.12 %
Current Monthly
Distribution per Common Share: 2	$ 0.076074
Current Annualized
Distribution per Common Share: 2	$ 0.912888
Leverage as of 4/30/07: 3	36 %

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 17.82	$ 17.12	4.09	%	$ 17.92	$ 16.60
NAV	$ 15.55	$ 15.74	(1.21	)%	$ 15.85	$ 15.41

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

Portfolio Composition — Sector	April 30, 2007	October 31, 2006
City, County & State	22 %	22 %
Hospitals	13	13
Transportation	13	14
Housing	11	11
Education	11	12
Lease Revenue	8	9
Tobacco	8	7
Power	7	7
Industrial & Pollution
Control	7	5
Credit Quality Allocations 4
Credit
Rating	April 30, 2007	October 31, 2006
AAA/Aaa	45 %	49 %
AA/Aa	3	3
A	27	26
BBB/Baa	14	12
B	1	1
Not Rated	10	9

4 Using the highest of S&Ps, Moodys or Fitchs ratings.

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock Florida Investment Quality Municipal Trust (RFA)

Trust Information
Symbol on American Stock
Exchange:	RFA
Initial Offering Date:	May
28, 1993
Closing Market Price as of
4/30/07:	$ 13.70
Net Asset Value as of
4/30/07:	$ 14.03
Yield on Closing Market
Price as of 4/30/07 ($13.70): 1	4.20 %
Current Monthly
Distribution per Common Share: 2	$ 0.0480
Current Annualized
Distribution per Common Share: 2	$ 0.5760
Leverage as of 4/30/07: 3	35 %

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 13.70	$ 16.00	(14.38	)%	$ 16.00	$ 13.18
NAV	$ 14.03	$ 14.24	(1.47	)%	$ 14.40	$ 13.92

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

Portfolio Composition — Sector	April 30, 2007	October 31, 2006
Hospitals	25 %	24 %
City, County & State	21	18
Water & Sewer	19	22
Lease Revenue	10	10
Tax Revenue	8	8
Industrial & Pollution
Control	7	7
Education	5	5
Transportation	4	6
Tobacco	1
Credit Quality Allocations 4
Credit
Rating	April 30, 2007	October 31, 2006
AAA/Aaa	59 %	64 %
AA/Aa	5	5
A	12	8
BBB/Baa	12	8
BB/Ba	2	3
Not Rated	10	12

4 Using the highest of S&Ps, Moodys or Fitchs ratings.

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock Florida Municipal Income Trust (BBF)

Trust Information
Symbol on New York Stock
Exchange:	BBF
Initial Offering Date:	July
27, 2001
Closing Market Price as of
4/30/07:	$ 16.60
Net Asset Value as of
4/30/07:	$ 15.51
Yield on Closing Market
Price as of 4/30/07 ($16.60): 1	5.45 %
Current Monthly
Distribution per Common Share: 2	$ 0.075375
Current Annualized
Distribution per Common Share: 2	$ 0.904500
Leverage as of 4/30/07: 3	36 %

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 16.60	$ 16.30	1.84	%	$ 17.11	$ 15.87
NAV	$ 15.51	$ 15.68	(1.08	)%	$ 15.76	$ 15.37

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

Portfolio Composition — Sector	April 30, 2007	October 31, 2006
City, County & State	30 %	34 %
Hospitals	26	21
Water & Sewer	11	9
Tax Revenue	8	7
Education	7	7
Transportation	4	3
Lease Revenue	4	6
Tobacco	3	4
Housing	3	3
Power	2	4
Industrial & Pollution
Control	1	2
Other	1
Credit Quality Allocations 4
Credit
Rating	April 30, 2007	October 31, 2006
AAA/Aaa	37 %	39 %
AA/Aa	26	29
A	9	6
BBB/Baa	11	10
BB/Ba	2	2
Not Rated 5	15	14

| 4 | Using the highest of
S&Ps, Moodys or Fitchs ratings. |
| --- | --- |
| 5 | The investment advisor has
deemed certain of these not-rated securities to be of investment grade
quality. As of April 30, 2007 and October 31, 2006, the market value of these
securities was $3,337,402, representing 2.1%, and $3,384,402, representing
2.2%, respectively, of the Trusts long-term investments. |

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information
Symbol on American Stock
Exchange:	RNJ
Initial Offering Date:	May
28, 1993
Closing Market Price as of
4/30/07:	$ 17.19
Net Asset Value as of
4/30/07:	$ 14.29
Yield on Closing Market
Price as of 4/30/07 ($17.19): 1	4.75 %
Current Monthly
Distribution per Common Share: 2	$ 0.0680
Current Annualized
Distribution per Common Share: 2	$ 0.8160
Leverage as of 4/30/07: 3	34 %

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 17.19	$ 15.95	7.77	%	$ 18.85	$ 15.95
NAV	$ 14.29	$ 14.47	(1.24	)%	$ 14.61	$ 14.14

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

Portfolio Composition — Sector	April 30, 2007	October 31, 2006
Transportation	20 %	23 %
Hospitals	18	15
Housing	11	13
Education	10	11
Tax Revenue	10	10
Industrial & Pollution
Control	7	10
Tobacco	6	5
Water & Sewer	6	5
Lease Revenue	4	3
City, County & State	4	3
Power	4	2
Credit Quality Allocations 4
Credit
Rating	April 30, 2007	October 31, 2006
AAA/Aaa	50 %	41 %
AA/Aa	2	3
A	6	6
BBB/Baa	30	33
B	5	6
Not Rated	7	11

4 Using the highest of S&Ps, Moodys or Fitchs ratings.

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock New Jersey Municipal Income Trust (BNJ)

Trust Information
Symbol on New York Stock
Exchange:	BNJ
Initial Offering Date:	July
27, 2001
Closing Market Price as of
4/30/07:	$ 19.28
Net Asset Value as of
4/30/07:	$ 16.21
Yield on Closing Market
Price as of 4/30/07 ($19.28): 1	4.96 %
Current Monthly
Distribution per Common Share: 2	$ 0.079625
Current Annualized
Distribution per Common Share: 2	$ 0.955500
Leverage as of 4/30/07: 3	34 %

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 19.28	$ 18.40	4.78	%	$ 19.70	$ 18.15
NAV	$ 16.21	$ 16.35	(0.86	)%	$ 16.46	$ 16.05

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

Portfolio Composition — Sector	April 30, 2007	October 31, 2006
Hospitals	26 %	24 %
Housing	20	20
City, County & State	12	11
Transportation	9	10
Tobacco	8	8
Tax Revenue	6	6
Industrial & Pollution
Control	6	6
Education	6	5
Lease Revenue	4	10
Water & Sewer	2
Power	1
Credit Quality Allocations 4
Credit
Rating	April 30, 2007	October 31, 2006
AAA/Aaa	37 %	32 %
A	22	22
BBB/Baa	35	39
B	3	3
Not Rated	3	4

4 Using the highest of S&Ps, Moodys or Fitchs ratings.

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock New York Investment Quality Municipal Trust (RNY)

Trust Information
Symbol on American Stock
Exchange:	RNY
Initial Offering Date:	May
28, 1993
Closing Market Price as of
4/30/07:	$ 16.85
Net Asset Value as of
4/30/07:	$ 14.95
Yield on Closing Market
Price as of 4/30/07 ($16.85): 1	4.99 %
Current Monthly
Distribution per Common Share: 2	$ 0.0700
Current Annualized
Distribution per Common Share: 2	$ 0.8400
Leverage as of 4/30/07: 3	33 %

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

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 16.85	$ 16.65	1.20	%	$ 18.25	$ 16.30
NAV	$ 14.95	$ 15.18	(1.52	)%	$ 15.32	$ 14.85

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

Portfolio Composition — Sector	April 30, 2007	October 31, 2006
Education	23 %	24 %
Tax Revenue	15	15
Water & Sewer	12	11
City, County & State	12	12
Industrial & Pollution
Control	12	14
Housing	10	8
Transportation	5	4
Hospitals	4	4
Lease Revenue	3	6
Tobacco	2	2
Other	2
Credit Quality Allocations 4
Credit
Rating	April 30, 2007	October 31, 2006
AAA/Aaa	49 %	46 %
AA/Aa	21	29
A	6	4
BBB/Baa	13	12
B	9	6
Caa		3
Not Rated	2

4 Using the highest of S&Ps, Moodys or Fitchs ratings.

TRUST SUMMARIES (unaudited) APRIL 30, 2007

BlackRock New York Municipal Income Trust (BNY)

Trust Information
Symbol on New York Stock
Exchange:	BNY
Initial Offering Date:	July
27, 2001
Closing Market Price as of
4/30/07:	$ 17.59
Net Asset Value as of
4/30/07:	$ 15.73
Yield on Closing Market
Price as of 4/30/07 ($17.59): 1	5.14 %
Current Monthly
Distribution per Common Share: 2	$ 0.075339
Current Annualized
Distribution per Common Share: 2	$ 0.904068
Leverage as of 4/30/07: 3	36 %

The table below summarizes the changes in the Trusts market price and NAV:

	4/30/07	10/31/06	Change		High	Low
Market Price	$ 17.59	$ 17.35	1.38	%	$ 18.00	$ 16.70
NAV	$ 15.73	$ 15.88	(0.94	)%	$ 15.99	$ 15.63

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

| Portfolio
Composition — Sector | April 30, 2007 | October 31, 2006 |
| --- | --- | --- |
| Industrial & Pollution
Control | 17 % | 19 % |
| Transportation | 15 | 13 |
| Housing | 14 | 15 |
| Tobacco | 12 | 12 |
| Education | 9 | 10 |
| City, County & State | 9 | 7 |
| Water & Sewer | 8 | 6 |
| Lease Revenue | 7 | 9 |
| Hospitals | 5 | 6 |
| Power | 3 | 2 |
| Tax Revenue | 1 | 1 |
| Credit Quality Allocations 4 | | |
| Credit
Rating | April 30, 2007 | October 31, 2006 |
| AAA/Aaa | 41 % | 37 % |
| AA/Aa | 17 | 21 |
| A | 16 | 15 |
| BBB/Baa | 19 | 20 |
| B | 6 | 4 |
| CCC/Caa | | 3 |
| Not Rated | 1 | |

4 Using the highest of S&Ps, Moodys or Fitchs ratings.

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock Investment Quality Municipal Trust (BKN)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | LONG-TERM INVESTMENTS155.6% | | |
| | | Alabama7.0% | | |
| | | Birmingham Spl.
Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Ascension Hlth.
Proj., | | |
| $ 1,765 | | Ser. C-2, 5.00%,
11/15/36 | 11/16 @ 100 | $ 1,830,040 |
| 1,265 | | Ser. C-2, 5.00%,
11/15/39 | 11/16 @ 100 | 1,308,238 |
| 14,000 | 2 | Univ. of Alabama
Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.875%, 9/01/10,
MBIA | N/A | 15,070,440 |
| | | | | 18,208,718 |
| | | Arizona0.8% | | |
| | | San Luis Fac.
Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj., | | |
| 490 | | 6.25%, 5/01/15 | 05/10 @ 107 | 496,983 |
| 490 | | 7.00%, 5/01/20 | 05/10 @ 107 | 497,345 |
| 980 | | 7.25%, 5/01/27 | 05/10 @ 107 | 1,000,090 |
| | | | | 1,994,418 |
| | | California24.1% | | |
| | | California GO, | | |
| 5,800 | | 5.00%, 2/01/32 | 08/13 @ 100 | 6,019,820 |
| 3,485 | | 5.00%, 6/01/34 | 12/14 @ 100 | 3,638,166 |
| 5,000 | 2 | 5.625%, 5/01/10 | N/A | 5,329,941 |
| 770 | | 5.625%, 5/01/18 | 05/10 @ 101 | 821,829 |
| 10,000 | | California, Pub.
Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG | 03/15 @ 100 | 10,515,300 |
| | | Cnty. Tobacco
Sec. Agcy., Tobacco Settlement Funded RB, | | |
| 1,340 | | Ser. B, Zero
Coupon, 6/01/46 | 06/16 @ 17.602 | 140,874 |
| 7,090 | | Ser. C, Zero
Coupon, 6/01/55 | 06/16 @ 8.9 | 363,292 |
| 9,060 | | Stanislaus Cnty.
Proj., Ser. D, Zero Coupon, 6/01/55 | 06/16 @ 6.219 | 307,678 |
| | | Foothill Eastn.
Transp. Corridor Agcy., Hwy. Tolls RB, | | |
| 3,495 | | 5.75%, 1/15/40 | 01/10 @ 101 | 3,655,980 |
| 7,000 | | Conv. Cap. Apprec.
Proj., Zero Coupon, 1/15/28 | 01/14 @ 101 | 6,545,910 |
| 805 | | Golden St.
Tobacco Sec. Corp., Misc. RB, Ser. A-1, 5.125%, 6/01/47 | 06/17 @ 100 | 806,538 |
| 10,945 | 2 | Los Altos Sch.
Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/13, MBIA | N/A | 4,616,163 |
| 15,460 | | Los Angeles Cnty.
Cap. Asset Leasing Corp., Lease Abatement RB, 3.80%, 12/01/07, AMBAC | No Opt. Call | 15,662,990 |
| 4,185 | | Univ. of
California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38 | 05/13 @ 101 | 4,270,248 |
| | | | | 62,694,729 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Colorado0.8% | | |
| $ 1,030 | | City of Colorado
Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA | 11/15 @ 100 | $ 1,081,067 |
| 1,020 | | Pk. Creek Met.
Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37 | 12/15 @ 101 | 1,082,424 |
| | | | | 2,163,491 |
| | | Connecticut1.2% | | |
| 3,000 | 3 | Mashantucket
Western Pequot Tribe Casino RB, Ser. A, 5.50%, 9/01/28 | 09/09 @ 101 | 3,077,880 |
| | | District of Columbia2.3% | | |
| 4,960 | | Tobacco
Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33 | No Opt. Call | 5,911,725 |
| | | Florida17.8% | | |
| | | Cnty. of Miami-Dade,
Recreational Fac. Impvts. Misc. SO, | | |
| 3,380 | | Ser. A, Zero
Coupon, 10/01/31, MBIA | 10/15 @ 44.051 | 1,014,439 |
| 4,225 | | Ser. A, Zero
Coupon, 10/01/32, MBIA | 10/15 @ 41.782 | 1,201,717 |
| 4,000 | | Ser. A, Zero
Coupon, 10/01/33, MBIA | 10/15 @ 39.621 | 1,075,360 |
| 4,580 | | Ser. A, Zero
Coupon, 10/01/34, MBIA | 10/15 @ 37.635 | 1,168,587 |
| 5,000 | | Ser. A, Zero
Coupon, 10/01/35, MBIA | 10/15 @ 35.678 | 1,212,400 |
| 10,000 | | Ser. A, Zero
Coupon, 10/01/36, MBIA | 10/15 @ 33.817 | 2,290,800 |
| 10,000 | | Ser. A, Zero
Coupon, 10/01/37, MBIA | 10/15 @ 32.047 | 2,169,100 |
| 7,895 | | Cnty. of Orange,
Sales Tax RB, 4.75%, 10/01/32, XLCA | 10/16 @ 100 | 8,095,533 |
| 2,050 | | Fishhawk Cmnty.
Dev. Dist. II, Pub. Impvts. TA, Ser. A, 6.125%, 5/01/34 | 05/13 @ 101 | 2,184,665 |
| 2,415 | | Halifax Hosp.
Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.00%, 6/01/38 | 06/16 @ 100 | 2,450,138 |
| 3,700 | | Hillsborough
Cnty. Indl. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30, AMT | 10/10 @ 101 | 4,010,578 |
| 1,215 | | JEA Wtr. Util.
Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA | 04/11 @ 100 | 1,236,287 |
| 4,755 | | Miami Beach Hlth.
Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr.
Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 5,380,758 |
| 3,770 | | Sumter Landing
Cmnty. Dev. Dist., Retirement Facs. Misc. RB, Ser. B, 5.70%, 10/01/38 | 10/15 @ 100 | 3,868,585 |

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Florida(contd) | | |
| $ 8,700 | | Vlg. Cmnty. Dev.
Dist. No. 6, Pub. Impvts. SA, 5.625%, 5/01/22 | 05/13 @ 100 | $ 9,029,208 |
| | | | | 46,388,155 |
| | | Georgia3.2% | | |
| | | City of Atlanta, | | |
| 2,245 | | Port, Arpt. &
Marina Impvts. RB, Ser. J, 5.00%, 1/01/34, FSA | 01/15 @ 100 | 2,349,594 |
| 4,000 | | Wtr. &
Wstwtr., Wtr. Util. Impvts. RB, 5.00%, 11/01/34, FSA | 11/14 @ 100 | 4,204,120 |
| 1,500 | | Milledgeville
& Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll.
& St. Univ. Fndtn. Proj., 6.00%, 9/01/33 | 09/14 @ 101 | 1,651,950 |
| | | | | 8,205,664 |
| | | Hawaii1.0% | | |
| 2,500 | | Dept. of Budget
& Fin., Elec., Pwr. & Lt. RB, Hawaiian Elec. Co., Inc. Proj., Ser. D,
6.15%, 1/01/20, AMBAC, AMT | 01/09 @ 101 | 2,610,700 |
| | | Illinois15.0% | | |
| 1,920 | 3 | Centerpoint
Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 1,988,083 |
| 1,040 | 2 | Chicago Brd. of
Ed., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.75%, 12/01/07, AMBAC | N/A | 1,072,458 |
| 3,210 | | Chicago Hsg. Auth., Local or Gtd. Hsg. RB,
5.00%, 7/01/24, FSA | 07/16 @ 100 | 3,398,556 |
| 3,540 | | Chicago OHare
Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT | 01/14 @ 100 | 3,733,001 |
| 5,000 | 4 | Chicago Pub.
Bldg. Comm. Bldg., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 7.00%,
1/01/20, MBIA | ETM | 6,379,450 |
| | | Fin. Auth., | | |
| 1,665 | | Coll. & Univ.
RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25 | 11/16 @ 100 | 1,706,775 |
| 1,330 | | Coll. & Univ.
RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30 | 11/16 @ 100 | 1,360,297 |
| 690 | | Hlth., Hosp.
& Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%,
2/15/37 | 02/15 @ 100 | 712,101 |
| 5,800 | | Hlth., Hosp.
& Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 | 08/14 @ 100 | 6,303,150 |
| 875 | | Univ. & Coll.
Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35 | 06/14 @ 100 | 897,155 |
| 700 | | Univ. & Coll.
Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35 | 06/14 @ 100 | 717,570 |

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | Illinois(contd) | | |
| $ 3,980 | Mun. Elec. Agcy.,
Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC | 02/16 @ 100 | $ 3,948,558 |
| 6,500 | Vlg. of
Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA | 01/15 @ 100 | 6,654,895 |
| | | | 38,872,049 |
| | Indiana1.2% | | |
| 3,050 | Mun. Pwr. Agcy.,
Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%,
1/01/32, AMBAC | 01/16 @ 100 | 3,040,819 |
| | Kansas0.7% | | |
| 1,690 | Univ. of Kansas
Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. Sys.
Proj., 5.00%, 9/01/36 | 09/16 @ 100 | 1,729,140 |
| | Kentucky2.4% | | |
| 13,500 | Econ. Dev. Fin.
Auth., Hlth., Hosp. & Nursing Home RB, Norton Hlth. Care, Inc. Proj.,
Ser. B, Zero Coupon, 10/01/23, MBIA | No Opt. Call | 6,275,745 |
| | Maryland2.6% | | |
| 5,000 | Cmnty. Dev.
Admin., Local or Gtd. Hsg. RB, Ser. A, 4.80%, 9/01/42, AMT | 09/16 @ 100 | 4,957,600 |
| 1,740 | Hlth. &
Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, Medstar
Hlth., Inc. Proj., 5.50%, 8/15/33 | 08/14 @ 100 | 1,851,464 |
| | | | 6,809,064 |
| | Massachusetts1.2% | | |
| 3,075 | Wtr. Recs. Auth.,
Wtr. RB, Ser. A, 5.00%, 8/01/41 | 08/16 @ 100 | 3,235,300 |
| | Michigan0.7% | | |
| 1,670 | Hosp. Fin. Auth.
Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A,
5.25%, 11/15/46 | 11/16 @ 100 | 1,752,515 |
| | Mississippi1.0% | | |
| 2,535 | Business Fin.
Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28 | 12/16 @ 100 | 2,533,530 |
| | Missouri3.2% | | |
| 5,250 | Hsg. Dev. Comm.,
Local or Gtd. Hsg. RB, Ser. B1, 5.05%, 3/01/38, AMT | 09/16 @ 103 | 5,452,020 |
| 2,820 | Joint Mun. Elec.
Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%,
1/01/36, MBIA | 01/16 @ 100 | 2,830,237 |
| | | | 8,282,257 |

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Multi-State4.7% | | |
| $ 7,000 | 3 | Charter Mac
Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 | 11/10 @ 100 | $ 7,690,900 |
| 4,000 | 3 | MuniMae TE Bond
Subsidiary LLC, Ser. B, 7.75%, 6/30/50 | 11/10 @ 100 | 4,404,520 |
| | | | | 12,095,420 |
| | | Nebraska3.1% | | |
| | | Omaha Pub. Pwr.
Dist., Elec., Pwr. & Lt. Impvts. RB, | | |
| 2,765 | | Ser. A, 4.75%,
2/01/44 | 02/14 @ 100 | 2,807,913 |
| 5,000 | | Ser. A, 5.00%,
2/01/34 | 02/14 @ 100 | 5,220,800 |
| | | | | 8,028,713 |
| | | Nevada2.1% | | |
| 2,065 | | Cnty. of Clark
Private Schs. RB, Alexander Dawson
Sch. Rainbow Proj., 5.00%, 5/15/29 | 05/16 @ 100 | 2,147,187 |
| 3,200 | | Truckee Meadows
Wtr. Auth. Wtr. RB, 4.875%, 7/01/34, XLCA | 07/16 @ 100 | 3,306,176 |
| | | | | 5,453,363 |
| | | New Jersey3.5% | | |
| 7,000 | | Econ. Dev. Auth.
Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29 | 06/14 @ 100 | 7,573,580 |
| 1,510 | | Middlesex Cnty. Impvt.
Auth. Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj.,
Ser. B, 6.25%, 1/01/37 | 01/15 @ 100 | 1,603,907 |
| | | | | 9,177,487 |
| | | New York5.6% | | |
| 725 | | Albany Indl. Dev.
Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser.
A, 7.00%, 5/01/35 | 05/15 @ 102 | 722,354 |
| 3,895 | 2 | Dorm. Auth.,
Univ. & Coll. Impvts. RB, Univ. of Rochester Proj., Ser. A, Zero Coupon,
7/01/10, MBIA | N/A | 3,494,788 |
| 4,100 | | Liberty Dev.
Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35 | No Opt. Call | 4,691,097 |
| 2,600 | | New York City
Indl. Dev. Agcy. Port, Arpt. & Marina Impvts. RB, American Airlines,
Inc./ JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT | 08/16 @ 101 | 3,132,298 |
| 2,500 | | New York City
Mun. Wtr. Fin. Auth. Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38 | 06/16 @ 100 | 2,632,750 |
| | | | | 14,673,287 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | North Carolina4.7% | | |
| $ 5,000 | | Eastn. Mun. Pwr.
Agcy., Elec., Pwr. & Lt. RB, Ser. B, 7.00%, 1/01/08, CAPMAC | No Opt. Call | $ 5,106,100 |
| 2,425 | | Gaston Cnty.
Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35,
AMT | 08/15 @ 100 | 2,555,708 |
| 4,315 | | Med. Care Comm.,
Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39 | 11/16 @ 100 | 4,460,070 |
| | | | | 12,121,878 |
| | | Ohio7.7% | | |
| 10,475 | | Air Qual. Dev.
Auth. Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC | 07/15 @ 100 | 10,733,314 |
| 3,485 | | Cnty. of
Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Fndtn. Proj.,
6.00%, 1/01/20 | 07/13 @ 100 | 3,862,495 |
| 5,000 | | Cnty. of
Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Hlth. Sys.
Proj., 6.00%, 1/01/21 | 07/13 @ 100 | 5,535,850 |
| | | | | 20,131,659 |
| | | Oklahoma1.3% | | |
| 2,900 | | Tulsa Mun. Arpt.
Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%,
6/01/35, AMT | No Opt. Call | 3,431,338 |
| | | Pennsylvania6.4% | | |
| 2,000 | | Delaware River
Port. Auth., Port, Arpt. & Marina RB, Port Dist. Proj., Ser. B, 5.70%,
1/01/22, FSA | 01/10 @ 100 | 2,094,040 |
| | | Econ. Dev. Fing.
Auth., | | |
| 6,380 | | Elec., Pwr. &
Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT | 06/11 @ 103 | 7,017,808 |
| 2,000 | | Trans. Impvts.
Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT | 05/11 @ 101 | 2,139,100 |
| 3,100 | | Trans. Impvts.
Lease Renewal RB, Amtrak Proj., Ser.
A, 6.375%, 11/01/41, AMT | 05/11 @ 101 | 3,314,954 |
| 980 | | Hsg. Fin. Agcy.,
Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT | 10/16 @ 100 | 963,399 |
| | | McKeesport Area
Sch. Dist., Ad Valorem Ppty. Tax GO, | | |
| 870 | 4 | Zero Coupon,
10/01/31, FGIC | ETM | 297,714 |
| 2,435 | | Zero Coupon,
10/01/31, FGIC | No Opt. Call | 823,371 |
| | | | | 16,650,386 |

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Puerto Rico2.6% | | |
| $ 2,900 | | Elec. Pwr. Auth.,
Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/23, FSA | 07/17 @ 100 | $ 3,130,144 |
| 3,115 | | Hwy. &
Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/34 | No Opt. Call | 3,597,358 |
| | | | | 6,727,502 |
| | | Rhode Island0.8% | | |
| | | Hlth. & Edl.
Bldg. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Lifespan Proj., | | |
| 1,800 | 2 | 5.50%, 5/15/07,
MBIA | N/A | 1,837,188 |
| 200 | | 5.50%, 5/15/16,
MBIA | 05/07 @ 102 | 204,234 |
| | | | | 2,041,422 |
| | | South Carolina4.7% | | |
| 5,000 | | Hsg. Fin. &
Dev. Auth., Hsg. RB, Ser. A2, 5.15%, 7/01/37, AMBAC, AMT | 07/15 @ 100 | 5,150,850 |
| | | Jobs-Econ. Dev.
Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., | | |
| 4,000 | 2 | 6.875%, 8/01/13 | N/A | 4,671,283 |
| 2,185 | | Ser. A, 6.25%,
8/01/31 | 08/13 @ 100 | 2,423,842 |
| | | | | 12,245,975 |
| | | Tennessee2.0% | | |
| 4,865 | | Memphis-Shelby
Cnty. Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. D, 6.00%,
3/01/24, AMBAC, AMT | 03/10 @ 101 | 5,158,554 |
| | | Texas14.3% | | |
| 1,350 | | Alliance Arpt.
Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT | 04/16 @ 100 | 1,377,392 |
| 6,000 | 2 | Grapevine, Pub.
Impvts. Ad Valorem Ppty. Tax GO, 5.875%, 8/15/10, FGIC | N/A | 6,398,640 |
| 5,000 | | Harris
Cnty.-Houston Sports Auth. Hotel Occupancy Tax RB, Ser. A, Zero Coupon,
11/15/38, MBIA | 11/30 @ 61.166 | 1,026,850 |
| 2,480 | | Hlth. Care Facs.
Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj.,
4.50%, 10/01/35, FGIC | 10/16 @ 100 | 2,444,685 |
| 9,495 | | La Joya Indpt.
Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF | 02/14 @ 100 | 9,893,600 |
| | | Lower Colorado
River Auth., Misc. RB, | | |
| 3,845 | | 4.75%, 5/15/36,
AMBAC | 05/11 @ 100 | 3,889,986 |
| 5 | 2 | Ser. A, 5.00%,
5/15/13, MBIA | N/A | 5,335 |
| 945 | | Ser. A, 5.00%,
5/15/31, MBIA | 05/13 @ 100 | 982,394 |
| 675 | | Montgomery Cnty.
Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%,
3/01/30, MBIA | 03/14 @ 100 | 687,184 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Texas(contd) | | |
| $ 2,010 | | Pearland, Ad
Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC | 03/16 @ 100 | $ 2,066,863 |
| 1,000 | | Texas, Wtr. Util.
Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22 | 08/10 @ 100 | 1,057,820 |
| | | Tpke. Auth., Hwy.
Impvts. Tolls RB, | | |
| 3,325 | | Ser. A, 5.00%,
8/15/42, AMBAC | 08/12 @ 100 | 3,448,889 |
| 15,000 | | Zero Coupon,
8/15/31, AMBAC | 08/12 @ 32.807 | 3,896,550 |
| | | | | 37,176,188 |
| | | Utah0.7% | | |
| 1,950 | 4 | Intermountain
Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.00%, 7/01/13, AMBAC | ETM | 1,951,930 |
| | | Virginia1.1% | | |
| 2,900 | | Tobacco
Settlement Fing. Corp., Tobacco Settlelement Funded RB, Ser. B1, 5.00%,
6/01/47 | 06/17 @ 100 | 2,856,500 |
| | | Washington1.9% | | |
| 1,420 | | Cnty. of King,
Swr. RB, 5.00%, 1/01/36, FSA | 01/16 @ 100 | 1,496,481 |
| 3,480 | | Hlth. Care Facs.
Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser.
A, 4.625%, 10/01/34, FGIC | 10/16 @ 100 | 3,486,473 |
| | | | | 4,982,954 |
| | | Wisconsin1.4% | | |
| 3,220 | | Hlth. & Edl.
Facs. Auth., Hlth., Hosp. & Nursing Home RB Aurora Hlth. Care Proj.,
6.40%, 4/15/33 | 04/13 @ 100 | 3,567,406 |
| | | Wyoming0.8% | | |
| 2,145 | | Cmnty. Dev.
Auth., Local or Gtd. Hsg. RB, Ser. 3, 4.75%, 12/01/37, AMT | 12/16 @ 100 | 2,131,208 |
| | | Total
Long-Term Investments (cost $381,319,733) | | 404,389,069 |

Shares (000)
		MONEY MARKET FUND1.6%
4,300	5,6	Merrill Lynch
Institutional Tax Exempt Fund, 3.70% (cost $4,300,000)	N/A	4,300,000
		Total
Investments157.2% (cost $385,619,733 7 )	$	408,689,069
		Liabilities in
excess of other assets(0.8)%		(2,064,139)
		Preferred shares
at redemption value, including dividends payable(56.4)%		(146,682,337)
		Net
Assets Applicable to Common Shareholders100%	$	259,942,593

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

| 1 | Date (month/year) and price of the earliest optional
call or redemption. There may be other call provisions at varying prices at
later dates. |
| --- | --- |
| 2 | 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. |
| 3 | Security is not registered under the Securities Act
of 1933. These securities may be resold in transactions in accordance with Rule
144A under that Act, to qualified institutional buyers. As of April 30,
2007, the Trust held 6.6% of its net assets, with a current market value of
$17,161,383, in securities restricted as to resale. |
| 4 | Security is collateralized by Municipal or U.S.
Treasury obligations. |
| 5 | Represents an investment in an affiliate. |
| 6 | Represents current yield as of April 30, 2007. |
| 7 | Cost for federal income tax purposes is $386,204,280.
The net unrealized appreciation on a tax basis is $22,484,789,
consisting of $22,773,337 gross unrealized appreciation and $288,548 gross unrealized
depreciation. |

KEY TO ABBREVIATIONS — AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
CAPMAC		Capital Markets Assurance Co.
CIFG-TCRS		CDC IXIS Financial Guaranty
ETM		Escrowed to Maturity
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
PSF		Public School Fund Guaranteed
RB		Revenue Bond
SA		Special Assessment
SO		Special Obligation
TA		Tax Allocation
XLCA		XL Capital Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | LONG-TERM INVESTMENTS154.4% | | |
| | | Alabama3.7% | | |
| $ 15,000 | 2 | Huntsville Hlth.
Care Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. B, 5.75%,
6/01/12 | N/A | $ 16,486,500 |
| | | Spl. Care Facs.
Fing. Auth.- Birmingham, Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj., | | |
| 4,545 | | Ser. C-2, 5.00%,
11/15/36 | 11/16 @ 100 | 4,712,483 |
| 3,260 | | Ser. C-2, 5.00%,
11/15/39 | 11/16 @ 100 | 3,371,427 |
| | | | | 24,570,410 |
| | | Arizona2.0% | | |
| 5,400 | | Phoenix &
Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 2007-1, 5.25%,
8/01/38, AMT | 03/17 @ 102.75 | 5,652,396 |
| 7,000 | 2 | Scottsdale Indl.
Dev. Auth., Hlth., Hosp. & Nursing Home RB, Scottsdale Hlth. Care Proj.,
5.80%, 12/01/11 | N/A | 7,645,890 |
| | | | | 13,298,286 |
| | | California15.5% | | |
| 7,000 | | California GO,
5.00%, 6/01/34 | 12/14 @ 100 | 7,307,650 |
| 3,175 | | City of Lincoln,
Pub. Impvts. ST, 6.00%, 9/01/34 | 09/13 @ 102 | 3,299,079 |
| | | Cnty. Tobacco
Sec. Agcy., Tobacco Settlement Funded RB, | | |
| 3,385 | | Ser. B, Zero
Coupon, 6/01/46 | 06/16 @ 17.602 | 355,865 |
| 17,855 | | Ser. C, Zero
Coupon, 6/01/55 | 06/16 @ 8.9 | 914,890 |
| 22,825 | | Stanislaus Cnty.
Proj., Ser. D, Zero Coupon, 6/01/55 | 06/16 @ 6.219 | 775,137 |
| | | Foothill Eastn.
Transp. Corridor Agcy., Hwy. Tolls RB, | | |
| 54,635 | | Zero Coupon,
1/15/32 | 01/10 @ 27.37 | 13,108,576 |
| 20,535 | | Zero Coupon,
1/15/34 | 01/10 @ 24.228 | 4,363,893 |
| 75,000 | | Zero Coupon,
1/15/38 | 01/10 @ 19.014 | 12,485,250 |
| | | Golden St.
Tobacco Sec. Corp., | | |
| 10,000 | 2 | Misc. Purps.
Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/13 | N/A | 11,533,500 |
| 5,000 | | Tobacco
Settlement Funded RB, Ser. A, 5.00%, 6/01/45 | 06/15 @ 100 | 5,178,000 |
| 13,320 | | Los Angeles Regl.
Arpts. Impvt. Corp., Lease Facs. RB, LAXfuel Corp., Los Angeles Intl. Arpt.
Proj., 5.50%, 1/01/32, AMBAC, AMT | 01/12 @ 100 | 14,000,386 |
| 5,000 | | Murrieta Cmnty.
Facs. Dist. No. 2, Econ. Impvts. ST, The Oaks Impvt. Area A Proj., 6.00%,
9/01/34 | 09/14 @ 100 | 5,347,850 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | California(contd) | | |
| $ 5,000 | | Statewide Cmnty.
Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB Mem. Hlth. Svcs.
Proj., Ser. A, 5.50%, 10/01/33 | 04/13 @ 100 | $ 5,281,050 |
| | | Univ. of California,
Univ. & Coll. Impvts. RB, | | |
| 10,565 | | Ser. B, 4.75%,
5/15/38 | 05/13 @ 101 | 10,780,209 |
| 5,000 | | Ser. C, 4.75%,
5/15/37, MBIA | 05/13 @ 101 | 5,129,250 |
| 4,015 | | West
Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty.
Tax GO, 4.75%, 8/01/30, FSA | 08/16 @ 100 | 4,154,561 |
| | | | | 104,015,146 |
| | | Colorado1.3% | | |
| 2,545 | | City of Colorado
Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA | 11/15 @ 100 | 2,671,181 |
| 3,500 | | Denver Hlth.
& Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 6.00%,
12/01/31 | 12/11 @ 100 | 3,728,480 |
| 2,530 | | Pk. Creek Met.
Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37 | 12/15 @ 101 | 2,684,836 |
| | | | | 9,084,497 |
| | | District of Columbia6.4% | | |
| | | Dist. of
Columbia, | | |
| 2,390 | | Misc. RB,
Friendship Pub. Charter Sch. Proj., 5.25%, 6/01/33, ACA | 06/14 @ 100 | 2,506,489 |
| 66,785 | 2 | Univ. & Coll.
Impvts. RB, Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/11, MBIA | N/A | 12,551,409 |
| 25,535 | | Tobacco
Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.75%, 5/15/40 | 05/11 @ 101 | 28,052,751 |
| | | | | 43,110,649 |
| | | Florida12.0% | | |
| 3,890 | | Bellalago Edl.
Facs. Benefit Dist., Sch. Impvts. SA, Ser. B, 5.80%, 5/01/34 | 05/14 @ 100 | 4,074,308 |
| 10,830 | | Cnty. of Orange,
Sales Tax RB, 4.75%, 10/01/32, XLCA | 10/16 @ 100 | 11,105,082 |
| 1,905 | | Heritage Isle at
Viera Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. A, 6.00%, 5/01/35 | 05/12 @ 101 | 2,008,461 |
| 9,670 | 2 | Highlands Cnty.
Hlth. Facs. Auth. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./
Sunbelt Proj., Ser. A, 6.00%, 11/15/11 | N/A | 10,643,866 |
| | | JEA, | | |
| 11,035 | | Elec., Pwr. &
Lt. Impvts. RB., Ser. 3A, 4.75%, 10/01/34, FSA | 04/10 @ 100 | 11,136,963 |

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Florida(contd) | | |
| $ 3,070 | | Wtr. Util.
Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA | 04/11 @ 100 | $ 3,123,786 |
| 2,900 | | Wtr. Util.
Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA | 04/11 @ 100 | 2,940,252 |
| 9,000 | | Martin Cnty.
Indl. Dev. Auth., Indl. RB, Indiantown Cogeneration Proj., Ser. A, 7.875%,
12/15/25, AMT | 05/07 @ 100 | 9,091,260 |
| 11,685 | | Miami Beach Hlth.
Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr.
Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 13,222,746 |
| 3,880 | | Stevens
Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. A, 7.10%, 5/01/35 | 05/14 @ 100 | 4,220,354 |
| 8,700 | | Vlg. Cmnty. Dev.
Dist. No. 6, Pub. Impvts. SA, 5.625%, 5/01/22 | 05/13 @ 100 | 9,029,208 |
| | | | | 80,596,286 |
| | | Georgia0.6% | | |
| 4,000 | | Richmond Cnty.
Dev. Auth., Rec. Recovery RB, Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25,
AMT | 02/12 @ 101 | 4,268,520 |
| | | Idaho2.7% | | |
| 16,970 | | Univ. of Idaho,
Univ. & Coll. Impvts. RB, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41,
FGIC | 04/11 @ 100 | 17,866,186 |
| | | Illinois15.7% | | |
| 4,630 | 3 | Centerpoint
Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 4,794,180 |
| 8,225 | | Chicago Hsg.
Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA | 07/16 @ 100 | 8,708,136 |
| 7,645 | | Chicago OHare
Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT | 01/14 @ 100 | 8,061,805 |
| | | Edl. Facs. Auth.,
Univ. & Coll. Impvts. RB, | | |
| 760 | | Ser. A, 5.25%,
7/01/41 | 07/11 @ 101 | 797,172 |
| 7,000 | 2 | Student Hsg. Edl.
Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/07 | N/A | 7,000,420 |
| 10,000 | 2 | Student Hsg. Edl.
Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/12 | N/A | 11,238,100 |
| | | Fin. Auth., | | |
| 7,145 | 2 | Cash Flow Mgmt.
Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys. Sunbelt Oblig.
Proj., 5.65%, 11/15/09 | N/A | 7,544,977 |
| 4,235 | | Coll. & Univ.
RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25 | 11/16 @ 100 | 4,341,256 |
| 3,395 | | Coll. & Univ.
RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30 | 11/16 @ 100 | 3,472,338 |

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | Illinois(contd) | | |
| $ 1,685 | Hlth., Hosp.
& Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%,
2/15/37 | 02/15 @ 100 | $ 1,738,971 |
| 3,700 | Hlth., Hosp.
& Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 | 08/14 @ 100 | 4,020,975 |
| 2,100 | Univ. & Coll.
Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35 | 06/14 @ 100 | 2,153,172 |
| 1,675 | Univ. & Coll.
Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35 | 06/14 @ 100 | 1,717,042 |
| | Hlth. Facs.
Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj., | | |
| 5,000 | 5.50%, 1/01/22 | 01/13 @ 100 | 5,244,850 |
| 6,000 | 5.625%, 1/01/28 | 01/13 @ 100 | 6,340,200 |
| 40,000 | Met. Pier &
Exposition Auth., Pub. Impvts. Sales Tax RB, McCormick Place Expansion Proj.,
Ser. A, Zero Coupon, 12/15/34, MBIA | No Opt. Call | 11,794,400 |
| 10,090 | Mun. Elec. Agcy.,
Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC | 02/16 @ 100 | 10,010,289 |
| | Vlg. of
Bolingbrook, Pub. Impvts. Ad Valorem Ppty. Tax GO, | | |
| 7,120 | Ser. B, Zero
Coupon, 1/01/33, FGIC | No Opt. Call | 2,283,242 |
| 14,085 | Ser. B, Zero
Coupon, 1/01/34, FGIC | No Opt. Call | 4,309,869 |
| | | | 105,571,394 |
| | Indiana7.0% | | |
| 9,000 | Hlth. Fac. Fing.
Auth., Hlth., Hosp. & Nursing Home RB, Methodist Hosp., Inc. Proj.,
5.50%, 9/15/31 | 09/11 @ 100 | 9,115,110 |
| 7,750 | Mun. Pwr. Agcy.,
Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%,
1/01/32, AMBAC | 01/16 @ 100 | 7,726,673 |
| | Petersburg, Rec.
Recovery Impvts. RB, Indianapolis Pwr. & Lt. Conv. Proj., | | |
| 10,000 | 5.90%, 12/01/24,
AMT | 08/11 @ 102 | 10,577,300 |
| 16,000 | 5.95%, 12/01/29,
AMT | 08/11 @ 102 | 17,046,560 |
| 2,390 | Vincennes, Econ.
Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 | 01/09 @ 102 | 2,412,609 |
| | | | 46,878,252 |
| | Kentucky0.2% | | |
| 1,365 | Hsg. Corp., St.
Hsg. RB, Ser. F, 5.45%, 1/01/32, AMT | 07/11 @ 100 | 1,401,077 |

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Louisiana2.0% | | |
| $ 9,215 | | Local Govt. Env.
Facs. & Cmnty. Dev. Auth., Pub. Imvts. Misc. RB, Cap. Projs. & Equip.
Acquisition Proj., 6.55%, 9/01/25, ACA | No Opt. Call | $ 10,292,049 |
| 3,260 | | St. Tammany
Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39 | 12/16 @ 103 | 3,446,603 |
| | | | | 13,738,652 |
| | | Maryland1.1% | | |
| 2,665 | | Cmnty. Dev.
Admin., Local or Gtd. Hsg. RB, Ser. A, 4.65%, 9/01/32, AMT | 09/16 @ 100 | 2,629,689 |
| 4,205 | | Hlth. &
Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, Medstar
Hlth., Inc. Proj., 5.50%, 8/15/33 | 08/14 @ 100 | 4,474,372 |
| | | | | 7,104,061 |
| | | Massachusetts1.1% | | |
| 6,770 | | Wtr. Recs. Auth.,
Wtr. RB, Ser. A, 5.00%, 8/01/41 | 08/16 @ 100 | 7,122,920 |
| | | Michigan0.7% | | |
| 4,230 | | Hosp. Fin. Auth.
Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A,
5.25%, 11/15/46 | 11/16 @ 100 | 4,439,004 |
| | | Mississippi3.8% | | |
| 6,460 | | Business Fin.
Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28 | 12/16 @ 100 | 6,456,253 |
| 18,680 | | Gulfport, Hlth.,
Hosp. & Nursing Home Impvts. RB, Mem. Hosp. at Gulfport Proj., Ser. A,
5.75%, 7/01/31 | 07/11 @ 100 | 19,270,849 |
| | | | | 25,727,102 |
| | | Missouri0.1% | | |
| 695 | | Joint Mun. Elec.
Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%,
1/01/36, MBIA | 01/16 @ 100 | 697,523 |
| | | Multi-State6.9% | | |
| | | Charter Mac
Equity Issuer Trust, | | |
| 1,000 | 3 | Ser. A, 6.625%,
6/30/49 | 06/09 @ 100 | 1,044,200 |
| 11,000 | 3 | Ser. A-2, 6.30%,
6/30/49 | 06/09 @ 100 | 11,408,650 |
| 16,000 | 3 | Ser. A-3, 6.80%,
10/31/52 | 10/14 @ 100 | 18,278,880 |
| 6,500 | 3 | Ser. B-1, 6.80%,
11/30/50 | 11/10 @ 100 | 6,955,130 |
| 8,000 | 3 | MuniMae TE Bond
Subsidiary LLC, Ser. A, 6.875%, 6/30/49 | 06/09 @ 100 | 8,390,480 |
| | | | | 46,077,340 |
| | | Nebraska1.0% | | |
| 6,990 | | Omaha Pub. Pwr.
Dist., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.75%, 2/01/44 | 02/14 @ 100 | 7,098,485 |

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | Nevada2.5% | | |
| | Cnty. of Clark, | | |
| $ 5,000 | Port, Arpt. &
Marina RB, Jet Aviation Fuel Tax Proj., Ser. C, 5.00%, 7/01/40, AMBAC | 07/15 @ 100 | $ 5,224,650 |
| 5,260 | Private Schs. RB,
Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29 | 05/16 @ 100 | 5,469,348 |
| 6,000 | Truckee Meadows
Wtr. Auth. Wtr. RB, 4.875%, 7/01/34, XLCA | 07/16 @ 100 | 6,199,080 |
| | | | 16,893,078 |
| | New Hampshire1.2% | | |
| 4,000 | Bus. Fin. Auth.
Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT | 06/13 @ 102 | 4,086,480 |
| 3,500 | Hlth. & Ed.
Facs. Auth., Hlth., Hosp. & Nursing Home RB, Exeter Hosp. Proj., 5.75%,
10/01/31 | 10/11 @ 101 | 3,734,080 |
| | | | 7,820,560 |
| | New Jersey8.9% | | |
| | Econ. Dev. Auth., | | |
| 18,500 | Econ. Impvts.
Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29 | 06/14 @ 100 | 20,015,890 |
| 15,410 | Port, Arpt. &
Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT | 11/10 @ 101 | 16,430,913 |
| 8,000 | SA, Kapkowski Rd.
Landfill Proj., 6.50%, 4/01/28 | No Opt. Call | 9,832,080 |
| 3,680 | Middlesex Cnty.
Impvt. Auth. Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC
Proj., Ser. B, 6.25%, 1/01/37 | 01/15 @ 100 | 3,908,859 |
| 10,000 | Tobacco
Settlement Fing. Corp., Tobacco Settlement RB, Ser. 1A, 4.50%, 6/01/23 | 06/17 @ 100 | 9,864,500 |
| | | | 60,052,242 |
| | New York9.0% | | |
| 1,820 | Albany Indl. Dev.
Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser.
A, 7.00%, 5/01/35 | 05/15 @ 102 | 1,813,357 |
| 5,375 | Env. Facs. Corp.,
Swr. Impvts. Misc. RB, NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31 | 06/12 @ 100 | 5,586,237 |
| 10,925 | Liberty Dev.
Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35 | No Opt. Call | 12,500,057 |
| 7,115 | Met. Transp.
Auth. Misc. RB, Ser. A, 5.00%, 7/01/30, AMBAC | 07/12 @ 100 | 7,400,098 |

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | New
York(contd) | | |
| | New York City Indl. Dev. Agcy., | | |
| $ 22,140 | Port, Arpt. &
Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%,
8/01/31, AMT | 08/16 @ 101 | $ 26,718,331 |
| 5,000 | Port, Arpt. &
Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 8.00%,
8/01/28, AMT | 08/16 @ 101 | 6,194,550 |
| | | | 60,212,630 |
| | North
Carolina3.7% | | |
| 12,550 | Cap. Facs. Fin. Agcy., Coll. & Univ. RB, Duke
Univ. Proj., Ser. B, 4.25%, 7/01/42 | 10/16 @ 100 | 11,870,919 |
| 12,130 | Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing.
Auth., Indl. Impvts. RB, 5.75%, 8/01/35, AMT | 08/15 @ 100 | 12,783,807 |
| | | | 24,654,726 |
| | Ohio6.4% | | |
| | Air Qual. Dev. Auth., | | |
| 14,500 | Indl. RB,
Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20 | 08/07 @ 102 | 14,841,040 |
| 23,820 | Rec. Recovery RB,
Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC | 07/15 @ 100 | 24,407,401 |
| 3,760 | Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg.
Misc. RB, Ohio Facs. Proj., Ser. A, 6.25%, 12/01/36 | 12/14 @ 101 | 3,983,946 |
| | | | 43,232,387 |
| | Oklahoma1.3% | | |
| 7,175 | Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina
Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT | No Opt. Call | 8,489,603 |
| | Pennsylvania4.6% | | |
| | Econ. Dev. Fing. Auth., | | |
| 15,580 | Elec., Pwr. &
Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT | 06/11 @ 103 | 17,137,533 |
| 6,500 | Trans. Impvts.
Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT | 05/11 @ 101 | 6,950,710 |
| 4,000 | Higher Edl. Facs. Auth., Univ. & Coll. Impvts.
RB, La Salle Univ. Proj., 5.50%, 5/01/34 | 05/13 @ 100 | 4,206,240 |
| 2,500 | Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A,
4.60%, 10/01/27, AMT | 10/16 @ 100 | 2,457,650 |
| | | | 30,752,133 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Puerto Rico3.5% | | |
| | | Elec. Pwr. Auth.,
Elec., Pwr. & Lt. RB, | | |
| $ 11,000 | | Ser. UU, 5.00%,
7/01/20, FSA | 07/17 @ 100 | $ 11,949,410 |
| 1,800 | | Ser. UU, 5.00%,
7/01/22, FSA | 07/17 @ 100 | 1,944,396 |
| 8,055 | | Hwy. & Transp.
Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/36 | No Opt. Call | 9,334,456 |
| | | | | 23,228,262 |
| | | South Carolina5.8% | | |
| | | Jobs-Econ. Dev.
Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., | | |
| 9,000 | 2 | 6.875%, 8/01/13 | N/A | 10,510,387 |
| 5,075 | | Ser. A, 6.25%,
8/01/31 | 08/13 @ 100 | 5,629,748 |
| | | Lexington Cnty.,
Hlth., Hosp. & Nursing Home RB, Lexington Med. Ctr. Proj., | | |
| 5,000 | | 5.50%, 11/01/32 | 11/13 @ 100 | 5,279,200 |
| 10,000 | | 5.75%, 11/01/28 | 11/13 @ 100 | 10,785,600 |
| 6,345 | | Scago Edl. Facs
Corp. Colleton Sch. Dist., Lease RB, Chesterfield Cnty. Sch. Proj., 5.00%,
12/01/29 | 12/16 @ 100 | 6,634,840 |
| | | | | 38,839,775 |
| | | Tennessee2.2% | | |
| 20,825 | | Knox Cnty. Hlth.,
Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, Convenant
Hlth. Proj., Ser. A, Zero Coupon, 1/01/20, FSA | 01/13 @ 67.474 | 10,972,901 |
| 3,475 | | Shelby Cnty.
Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, St.
Judes Childrens Hosp. Proj., 5.00%, 7/01/25 | 07/16 @ 100 | 3,662,928 |
| | | | | 14,635,829 |
| | | Texas12.3% | | |
| 4,435 | 4 | Affordable Hsg.
Corp., Multi-Fam. Hsg. RB Amer. Oppty. Hsg. Portfolio Proj., Ser. B, 8.00%,
3/01/32 | No Opt. Call | 663,831 |
| 3,805 | 2 | Dallas Area Rapid
Trans., Sales Tax RB, 5.00%, 12/01/11, AMBAC | N/A | 4,008,491 |
| | | Harris
Cnty.-Houston Sports Auth., | | |
| 12,580 | | Hotel Occupancy
Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA | 11/30 @ 61.166 | 2,583,555 |
| 5,000 | | Hotel Occupancy
Tax RB, Ser. H, Zero Coupon, 11/15/35, MBIA | 11/31 @ 78.178 | 1,250,000 |
| 26,120 | | Lease RB, Ser.
A-3, Zero Coupon, 11/15/37, MBIA | 11/24 @ 46.545 | 5,417,027 |
| | | Lower Colorado
River Auth., Misc. RB, | | |
| 5 | 2 | Ser. A, 5.00%,
5/15/13, MBIA | N/A | 5,335 |

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Texas(contd) | | |
| $ 2,395 | | Ser. A, 5.00%,
5/15/31, MBIA | 05/13 @ 100 | $ 2,489,770 |
| 13,305 | | Transm. Svcs.
Proj., 4.75%, 5/15/34, AMBAC | 05/11 @ 100 | 13,465,591 |
| 1,700 | | Montgomery Cnty.
Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%,
3/01/30, MBIA | 03/14 @ 100 | 1,730,685 |
| 5,060 | | Pearland, Ad
Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC | 03/16 @ 100 | 5,203,147 |
| | | Tpke. Auth., Hwy.
Impvts. Tolls RB, | | |
| 8,390 | | Ser. A, 5.00%,
8/15/42, AMBAC | 08/12 @ 100 | 8,702,612 |
| 35,000 | | Central Sys.
Proj., Zero Coupon, 8/15/32, AMBAC | 08/12 @ 30.846 | 8,539,650 |
| 62,325 | | Central Sys.
Proj., Zero Coupon, 8/15/33, AMBAC | 08/12 @ 28.997 | 14,295,485 |
| 65,040 | | Central Sys.
Proj., Zero Coupon, 8/15/34, AMBAC | 08/12 @ 27.31 | 14,050,591 |
| | | | | 82,405,770 |
| | | Virginia0.3% | | |
| 8,105 | | Comnwlth. Transp.
Brd., Hwy. Impvts. RB, Zero Coupon, 4/01/32, MBIA | 04/12 @ 34.99 | 2,279,450 |
| | | Washington1.9% | | |
| 3,615 | | Cnty. of King,
Swr. RB, 5.00%, 1/01/36, FSA | 01/16 @ 100 | 3,809,704 |
| 8,845 | | Hlth. Care Facs.
Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser.
A, 4.625%, 10/01/34, FGIC | 10/16 @ 100 | 8,861,452 |
| | | | | 12,671,156 |
| | | West Virginia0.3% | | |
| 2,070 | | Econ. Dev. Auth.,
Correctional Fac. Impvts. Lease RB, Correctional Juvenile Safety Proj., Ser.
A, 5.00%, 6/01/29, MBIA | 06/14 @ 100 | 2,174,390 |
| | | Wisconsin5.9% | | |
| | | Hlth. & Edl.
Facs. Auth., Hlth., Hosp. & Nursing Home RB, | | |
| 7,500 | | Aurora Hlth. Care
Proj., 6.40%, 4/15/33 | 04/13 @ 100 | 8,309,175 |
| 12,545 | 2 | Froedtert &
Cmnty. Hlth. Oblig. Grp. Proj., 5.375%, 10/01/11 | N/A | 13,453,007 |
| 1,205 | | Froedtert &
Cmnty. Hlth. Oblig. Grp. Proj., 5.375%, 10/01/30 | 10/11 @ 101 | 1,279,565 |
| 15,000 | 2 | Wheaton
Franciscan Svcs. Proj., 5.75%, 2/15/12 | N/A | 16,436,100 |
| | | | | 39,477,847 |

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | Wyoming0.8% | | |
| | Cmnty. Dev.
Auth., Local or Gtd. Hsg. RB, | | |
| $ 2,765 | Ser. 3, 4.65%,
12/01/27, AMT | 12/16 @ 100 | $ 2,718,133 |
| 2,605 | Ser. 3, 4.70%,
12/01/32, AMT | 12/16 @ 100 | 2,585,723 |
| | | | 5,303,856 |
| | Total
Long-Term Investments (cost $967,280,100) | | 1,035,789,484 |

Shares (000)
		MONEY MARKET FUND1.9%
12,600	5,6	Merrill Lynch
Institutional Tax Exempt Fund, 3.70% (cost $12,600,000)	N/A	12,600,000
		Total
Investments156.3% (cost $979,880,100 7 )	$	1,048,389,484
		Liabilities in
excess of other assets(0.3)%		(2,336,753)
		Preferred shares
at redemption value, including dividends payable(56.0)%		(375,307,169)
		Net
Assets Applicable to Common Shareholders100%	$	670,745,562

| 1 | Date (month/year) and price of the earliest optional
call or redemption. There may be other call provisions at varying prices at
later dates. |
| --- | --- |
| 2 | 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. |
| 3 | Security is not registered under the Securities Act
of 1933. These securities may be resold in transactions in accordance with
Rule 144A under that Act, to qualified institutional buyers. As of April 30,
2007, the Trust held 7.6% of its net assets, with a current market value of
$50,871,520, in securities restricted as to resale. |
| 4 | Issuer is in default and/or bankruptcy. |
| 5 | Represents an investment in an affiliate. |
| 6 | Represents current yield as of April 30, 2007. |
| 7 | Cost for federal income tax purposes is $980,030,172.
The net unrealized appreciation on a tax basis is $68,359,312, consisting of
$72,667,003 gross unrealized appreciation and $4,307,691 gross unrealized
depreciation. |

KEY TO ABBREVIATIONS — ACA		American Capital Access
AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
RB		Revenue Bond
SA		Special Assessment
ST		Special Tax
TA		Tax Allocation
XLCA		XL Capital Assurance

See Notes to Financial Statements.

PO RTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | LONG-TERM
INVESTMENTS182.3% | | |
| | Municipal
Bonds94.4% | | |
| | Arizona2.5% | | |
| $ 2,100 | Phoenix &
Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 2007-1, 5.25%,
8/01/38, AMT | 03/17 @ 102.75 | $ 2,198,154 |
| | Pima Cnty. Indl. Dev. Auth., | | |
| 1,703 | Local or Gtd. Hsg. RB, 4.89%, 2/04/12, AMT | 06/07 @ 100 | 1,703,000 |
| 1,000 | Sch. Impvts. Misc. RB, Arizona Charter Schs. Proj.,
Ser. 0, 5.25%, 7/01/31 | 07/16 @ 100 | 1,028,510 |
| | | | 4,929,664 |
| | California5.5% | | |
| 7,000 | Irvine Unified Sch. Dist. Fin. Grp. II, Sch. Impvts.
ST, Ser. A, 5.125%, 9/01/36 | 09/07 @ 103 | 7,121,660 |
| 3,625 | Statewide Cmntys.
Dev. Auth., Hlth., Hosp. & Nursing Home RB, Daughters of Charity Proj.,
Ser. A, 5.00%, 7/01/39 | 07/15 @ 100 | 3,668,391 |
| | | | 10,790,051 |
| | Colorado1.3% | | |
| 2,500 | Hlth. Facs.
Auth., Hlth., Hosp. & Nursing Home RB, Adventist Hlth./ Sunbelt Proj.,
5.125%, 11/15/29 | 11/16 @ 100 | 2,614,150 |
| | District
of Columbia12.9% | | |
| | Tobacco Settlement Fing. Corp., Tobacco Settlement
Funded RB, | | |
| 6,470 | 6.25%, 5/15/24 | 05/11 @ 101 | 6,939,269 |
| 15,415 | 6.50%, 5/15/33 | No Opt. Call | 18,372,830 |
| | | | 25,312,099 |
| | Florida0.4% | | |
| 865 | JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A,
4.75%, 10/01/36, MBIA | 04/11 @ 100 | 880,155 |
| | Georgia0.9% | | |
| 1,000 | Cobb Cnty. Dev.
Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.00%,
4/01/33, AMT | 04/16 @ 101 | 1,015,100 |
| 680 | Gainesville
Redev. Auth. Edl. Facs., Privite Schs. RB, Riverside Military Academy Proj., 5.125%, 3/01/27 | 03/17 @ 100 | 697,388 |
| | | | 1,712,488 |
| | Illinois3.6% | | |
| | Fin. Auth., | | |
| 3,000 | Coll. & Univ.
RB, Illinois Inst. of Technology Proj., Ser. A, 5.00%, 4/01/36 | 04/16 @ 100 | 3,056,070 |

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | Illinois(contd) | | |
| $ 4,000 | Hlth., Hosp.
& Nursing Home RB, Proctor Hosp. Proj., 5.125%, 1/01/25 | 01/16 @ 100 | $ 4,085,360 |
| | | | 7,141,430 |
| | Indiana1.1% | | |
| 2,000 | Delaware Cnty.
Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Ball Mem. Hosp., Inc. Proj.,
5.25%, 8/01/36 | 08/16 @ 100 | 2,072,500 |
| | Kansas0.4% | | |
| 845 | Univ. of Kansas
Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. Sys.
Proj., 5.00%, 9/01/36 | 09/16 @ 100 | 864,570 |
| | Kentucky2.6% | | |
| 5,175 | Trimble Cnty., Indl. RB, Louisville Gas. & Elec.
Co. Proj., 4.60%, 6/01/33, AMBAC | 06/17 @ 100 | 5,179,761 |
| | Louisiana0.8% | | |
| 1,425 | St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg.
RB, Ser. A, 5.25%, 12/01/39 | 12/16 @ 103 | 1,506,567 |
| | Maryland0.5% | | |
| 1,000 | Hlth. &
Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, King Farm
Presbyterian Cmnty. Proj., 5.00%, 1/01/17 | 01/09 @ 100 | 1,004,360 |
| | Michigan0.8% | | |
| 1,540 | Garden City Hosp.
Fin. Auth., Hlth., Hosp. & Nursing Home RB, Garden City Hosp. Proj., Ser.
A, 5.00%, 8/15/38 | 08/17 @ 100 | 1,535,057 |
| | Minnesota5.4% | | |
| 6,460 | Hsg. Fin. Agy., Local or Gtd. Hsg. RB, Residential
Hsg. Proj., 4.85%, 7/01/31, AMT | 01/16 @ 100 | 6,509,613 |
| 4,000 | Mun. Pwr. Agy., Elec., Pwr. & Lt. Impvts. RB,
5.00%, 10/01/35 | 10/15 @ 100 | 4,152,920 |
| | | | 10,662,533 |
| | Mississippi0.6% | | |
| 1,215 | Business Fin.
Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28 | 12/16 @ 100 | 1,214,295 |
| | Montana2.2% | | |
| | Two Rivers Auth., Correctional Fac. Impvts. Misc. RB, | | |
| 1,500 | 7.25%, 11/01/21 | 11/11 @ 107 | 1,545,420 |
| 2,600 | 7.375%, 11/01/27 | 11/11 @ 107 | 2,684,864 |
| | | | 4,230,284 |

See Notes to Financial Statements.

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Nevada2.3% | | |
| $ 4,325 | | Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34,
XLCA | 07/16 @ 100 | $ 4,468,503 |
| | | New
Hampshire2.6% | | |
| 5,000 | | Business Fin. Auth., Indl. Impvts. RB, Wst. Mgmt.,
Inc. Proj., 5.20%, 5/01/27, AMT | 05/16 @ 101 | 5,200,650 |
| | | New
Jersey4.0% | | |
| 7,335 | | Tobacco
Settlement Fing. Corp., Pub. Impvts. Tobacco Settlement Funded RB, 5.75%,
6/01/32 | 06/12 @ 100 | 7,836,641 |
| | | New
Mexico1.9% | | |
| 3,750 | | Farmington Poll.
Ctrl., Misc. RB, Pub. Svc. Co. of New Mexico Proj., Ser. B, 4.875%, 4/01/33 | 04/16 @ 101 | 3,799,913 |
| | | New
York9.9% | | |
| 5,000 | 2 | Liberty Dev.
Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35 | No Opt. Call | 5,720,850 |
| 5,000 | | Nassau Cnty.
Tobacco Settlement Corp., Tobacco Settlement Funded RB, Ser. A2, Zero Coupon,
6/01/26 | 06/16 @ 100 | 4,630,650 |
| 7,600 | | New York City
Indl. Dev. Agcy. Port, Arpt. & Marina Impvts. RB, American Airlines, Inc.
Proj., 7.625%, 8/01/25, AMT | 08/16 @ 101 | 9,155,948 |
| | | | | 19,507,448 |
| | | North
Carolina1.1% | | |
| 2,160 | | Med. Care Comm.,
Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39 | 11/16 @ 100 | 2,232,619 |
| | | Pennsylvania0.7% | | |
| 1,000 | | Harrisburg Auth.,
Univ. & Coll. Impvts. RB, Harrisburg Univ. of Science Proj., 5.40%,
9/01/16 | No Opt. Call | 1,019,010 |
| 450 | | Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A,
4.60%, 10/01/27, AMT | 10/16 @ 100 | 442,377 |
| | | | | 1,461,387 |
| | | Puerto
Rico3.3% | | |
| 1,380 | | Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU,
5.00%, 7/01/21, FSA | 07/17 @ 100 | 1,494,305 |
| 1,550 | | Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser.
N, 5.25%, 7/01/36 | No Opt. Call | 1,796,202 |

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | Puerto
Rico(contd) | | |
| $ 3,000 | Indl. Tourist
Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB,
Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/36 | 03/16 @ 100 | $ 3,108,180 |
| | | | 6,398,687 |
| | South
Carolina2.9% | | |
| 1,040 | Hlth. & Edl.
Fac. Auth., Hlth., Hosp. & Nursing Home RB, Sanford Hlth. Proj., 5.00%,
11/01/40 | 05/17 @ 100 | 1,073,894 |
| 2,500 | Jobs-Econ. Dev. Auth., Misc. RB, Burroughs &
Chapin Proj., 4.70%, 4/01/35, RAA | 04/17 @ 100 | 2,511,325 |
| 2,000 | Scago Edl. Facs.
Corp. for Colleton Sch. Dist., Sch. Impvts. Lease Approp. RB, Williamsburg
Cnty. Proj., 5.00%, 12/01/31, RAA | 12/16 @ 100 | 2,075,520 |
| | | | 5,660,739 |
| | Tennessee1.8% | | |
| 5,000 | Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth.,
Hosp. & Nursing Home Impvts. RB, Covenant Hlth. Proj., Zero Coupon,
1/01/36 | 01/17 @ 38.983 | 1,196,750 |
| 2,215 | Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd.,
Hlth., Hosp. & Nursing Home Impvts. RB, St. Jude Childrens Research
Hosp. Proj., 5.00%, 7/01/31 | 07/16 @ 100 | 2,322,782 |
| | | | 3,519,532 |
| | Texas13.5% | | |
| 1,250 | Affordable Hsg.
Corp., Sngl. Fam. Hsg. RB, Professional Educators Proj., 5.50%, 12/01/39, AMT | 02/17 @ 102.5 | 1,337,287 |
| 5,000 | Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj.,
4.85%, 4/01/21, AMT | 04/16 @ 100 | 5,101,450 |
| 2,000 | Brazos River
Poll. Ctrl. Auth., Swr. Impvts. Misc. RB, TXU Energy Co. LLC Proj., 5.00%,
3/01/41, AMT | 03/11 @ 100 | 1,936,160 |
| 7,000 | Dallas-Fort Worth
Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. & Marina Impvts. RB, Ser. A,
5.00%, 11/01/35, FSA, AMT | 11/08 @ 100 | 7,054,320 |
| 1,150 | HFDC of Central
Texas, Inc. Retirement Fac., Hlth., Hosp. & Nursing Home RB, Vlg. at
Gleannloch Farms Proj., Ser. A, 5.50%, 2/15/27 | 02/17 @ 100 | 1,187,697 |

See Notes to Financial Statements.

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Texas(contd) | | |
| $ 1,500 | | Hlth. Care Facs.
Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj.,
4.50%, 10/01/35, FGIC | 10/16 @ 100 | $ 1,478,640 |
| 34,560 | | Leander Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO,
Zero Coupon, 8/15/42, PSF | 08/14 @ 21.126 | 5,198,515 |
| 2,000 | | Mission Econ. Dev. Corp. Rec. Recvery RB, Allied
Waste Ind. Proj., 5.20%, 4/01/18, AMT | 04/12 @ 100 | 2,015,700 |
| 1,250 | | West Central Regl. Hsg. Fin., Local or Gtd. Hsg. RB,
Ser. A, 5.35%, 12/01/39, AMT | 02/17 @ 103 | 1,314,013 |
| | | | | 26,623,782 |
| | | Vermont2.4% | | |
| 4,670 | | Hsg. Fin. Agy., Local or Gtd. Hsg. RB, 4.90%,
5/01/38, FSA, AMT | 11/16 @ 100 | 4,719,455 |
| | | Virginia1.4% | | |
| 2,600 | | Peninsula Ports
Auth., Hlth., Hosp. & Nursing Home RB, Baptist Homes Proj., Ser. C,
5.375%, 12/01/26 | 12/16 @ 100 | 2,695,472 |
| | | Washington1.0% | | |
| 2,000 | | Hlth. Care Facs.
Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser.
A, 4.625%, 10/01/34, FGIC | 10/16 @ 100 | 2,003,720 |
| | | Wisconsin3.6% | | |
| 5,335 | | Hlth. & Edl.
Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth. Proj.,
5.00%, 11/15/31 | 11/16 @ 100 | 5,539,970 |
| 1,535 | | Hlth. & Edl.
Facs. Auth., Hlth., Hosp. & Nursing Home RB, Franciscan Sisters
Healthcare Proj., 5.00%, 9/01/26 | 09/17 @ 100 | 1,553,451 |
| | | | | 7,093,421 |
| | | Wyoming0.5% | | |
| 1,015 | | Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 3,
4.70%, 12/01/32, AMT | 12/16 @ 100 | 1,007,489 |
| | | Total
Municipal Bonds | | 185,879,422 |
| | | Tender
Option Municipal Bonds87.9% | | |
| | | California21.1% | | |
| 15,000 | 2 | Golden St. Tobacco Sec. Corp., Tobacco Settlement
Funded RB, 5.00%, 6/01/45, AMBAC | 06/15 @ 100 | 15,637,350 |
| 10,000 | 2 | Hlth. Fac. Fing.
Auth., Hlth., Hosp. & Nursing Home RB, Sutter Hlth. Proj., Ser. A, 5.25%,
11/15/46 | 11/16 @ 100 | 10,576,000 |
| 15,000 | 2 | Univ. of California, Univ. & Coll. Impvts. RB,
Ser. B, 4.75%, 5/15/38, MBIA | 05/13 @ 101 | 15,369,450 |
| | | | | 41,582,800 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value | |
| --- | --- | --- | --- | --- | --- |
| | | Georgia15.9% | | | |
| | | City of Atlanta, | | | |
| $ 15,000 | 2 | Port, Arpt. & Marina RB, Ser. C, 5.00%, 1/01/33,
FSA | 07/14 @ 100 | $ 15,669,300 | |
| 15,000 | 2 | Wtr. Util. Impvts. Wtr. RB, 5.00%, 11/01/43, FSA | 11/14 @ 100 | 15,667,200 | |
| | | | | 31,336,500 | |
| | | Illinois8.0% | | | |
| 15,000 | 2 | Chicago OHare Intl. Arpt., Port, Arpt. & Marina
RB, Ser. A, 5.00%, 1/01/33, FGIC | 01/16 @ 100 | 15,763,350 | |
| | | Indiana7.2% | | | |
| | | Carmel Redev. Auth., Econ. Impvts. Lease RB,
Performing Arts Ctr. Proj., | | | |
| 7,230 | 2 | 4.75%, 2/01/33 | 02/16 @ 100 | 7,322,544 | |
| 6,580 | 2 | 5.00%, 2/01/33 | 02/16 @ 100 | 6,858,926 | |
| | | | | 14,181,470 | |
| | | Nebraska7.8% | | | |
| 15,000 | 2 | Omaha Pub. Pwr. Dist., Elec., Lt. & Pwr. Impvts.
RB, Ser. B, 4.75%, 2/01/36, FGIC | 02/16 @ 100 | 15,442,950 | |
| | | New
York8.0% | | | |
| 15,000 | 2 | New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. D,
5.00%, 6/15/39 | 06/15 @ 100 | 15,722,400 | |
| | | North
Carolina15.0% | | | |
| 13,495 | 2 | Charlotte-Mecklenburg
Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Carolinas Hlth. Care
Sys. Proj., Ser. A, 5.00%, 1/15/45 | 01/15 @ 100 | 13,938,446 | |
| 15,170 | 2 | Univ. of North Carolina, Univ. & Coll. Impvts.
RB, Ser. A, 4.75%, 12/01/34 | 12/15 @ 100 | 15,644,215 | |
| | | | | 29,582,661 | |
| | | Texas4.9% | | | |
| 9,150 | 2 | New Caney Indpt. Sch. Dist., Sch. Impvts. Ad Valorem
Ppty. Tax GO, 5.00%, 2/15/35, PSF | 02/16 @ 100 | 9,621,042 | |
| | | Total
Tender Option Municipal Bonds | | 173,233,173 | |
| | | Total
Long-Term Investments | | | |
| | | (cost
$353,353,254) | | 359,112,595 | |
| Shares (000) | | | | | |
| | | MONEY
MARKET FUND3.8% | | | |
| 7,500 | 3,4 | Merrill Lynch Institutional Tax Exempt Fund, 3.70%
(cost $7,500,000) | N/A | 7,500,000 | |
| | | Total
Investments186.1% | | | |
| | | (cost
$360,853,254 5 ) | | $ 366,612,595 | |
| | | Other assets in excess of liabilities1.7% | | 3,293,238 | |
| | | Short-term floating rate certificates, including
interest payable(87.8)% | | (172,943,596 | ) |
| | | Net
Assets100% | | $ 196,962,237 | |

See Notes to Financial Statements.

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)

| 1 | Date (month/year) and price of the earliest optional
call or redemption. There may be other call provisions at varying prices at
later dates. |
| --- | --- |
| 2 | Security represents underlying bond transferred to a
separate securitization trust established in a tender option bond transaction
in which the Trust acquired the residual interest certificates. These
securities serve as collateral in a financing transaction. The aggregate
value of the above mentioned underlying bonds and secured borrowings
including interest were $173,233,173 and $172,943,596, respectively, at April
30, 2007. See Note 2 in the Notes to Financial Statements for details of
tender option bonds. |
| 3 | Represents an investment in an affiliate. |
| 4 | Represents current yield as of April 30, 2007. |
| 5 | Cost for federal income tax purposes is $360,853,479.
The net unrealized appreciation on a tax basis is $5,759,116, consisting of
$6,173,958 gross unrealized appreciation and $414,842 gross unrealized
depreciation. |

KEY TO ABBREVIATIONS — AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
PSF		Public School Fund Guaranteed
RAA		Radian Asset Assurance
RB		Revenue Bond
ST		Special Tax
XLCA		XL Capital Assurance

See Notes to Financial Statements.

PO RTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock California Investment Quality Municipal Trust (RAA)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | LONG-TERM
INVESTMENTS142.8% | | |
| | | California125.6% | | |
| $ 625 | | California St.
Univ., Coll. & Univ. RB, Ser. C, 5.00%, 11/01/38, MBIA | 11/15 @ 100 | $ 660,444 |
| | | California, | | |
| 700 | | Ad Valorem Ppty.
Tax GO, 4.75%, 3/01/34 | 03/16 @ 100 | 713,524 |
| 40 | | Pub. Impvts.
Misc. GO, 5.75%, 3/01/19 | 09/07 @ 100 | 40,222 |
| 500 | | Carson Pub. Fing.
Auth., Pub. Impvts. SA, Ser. A, 5.00%, 9/02/31, RAA | 03/17 @ 100 | 520,880 |
| 500 | | Chabot-Las
Positas Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax
GO, 5.00%, 8/01/31, AMBAC | 08/16 @ 100 | 531,950 |
| | | City of Chula
Vista, Indl. Dev. RB, | | |
| 275 | | 5.00%, 12/01/27,
AMT | 12/15 @ 102 | 288,120 |
| 320 | | San Diego Gas
& Elec. Proj., 5.00%, 12/01/27, AMT | 12/15 @ 102 | 334,442 |
| 1,000 | | Cnty. of San
Bernardino, Pub. Impvts. ST, 5.90%, 9/01/33 | 09/12 @ 102 | 1,064,090 |
| 500 | | Dept. of Veterans
Affairs, St. Hsg. RB, Ser. A-3, 4.60%, 12/01/28 | 11/11 @ 101 | 501,030 |
| | | Golden St.
Tobacco Sec. Corp., | | |
| 600 | 2 | Misc. Purps.
Tobacco Settlement Funded RB, Ser. B, 5.50%, 6/01/13 | N/A | 655,620 |
| 400 | 2 | Misc. Purps.
Tobacco Settlement Funded RB, Ser. B, 5.625%, 6/01/13 | N/A | 441,376 |
| 250 | | Misc. RB, Ser. A,
5.75%, 6/01/47 | 06/17 @ 100 | 267,357 |
| 1,040 | | Hlth. Facs. Fing.
Auth., Hlth., Hosp. & Nursing Home RB, Cedars Sinai Med. Ctr. Proj.,
5.00%, 11/15/34 | 11/15 @ 100 | 1,066,874 |
| 500 | | Infrastructure
& Econ. Dev. Bank, Misc. RB, Salvation Army Proj., 5.00%, 9/01/27, AMBAC | 09/16 @ 100 | 532,195 |
| 500 | | Las Virgenes
Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 5.00%,
8/01/28, FSA | 08/16 @ 100 | 533,140 |
| 1,000 | | Los Angeles Cnty.
Cmnty. Facs. Dist. No. 3 ST, Ser. A, 5.50%, 9/01/14, FSA | 09/07 @ 102 | 1,025,830 |
| 510 | | Los Angeles Dept.
of Arpts., Port, Arpt. & Marina RB, Ontario Intl. Proj., Ser. A, 5.00%,
5/15/26, MBIA, AMT | 05/16 @ 100 | 534,551 |
| 500 | | Los Angeles Dept.
of Wtr. & Pwr., Elec., Pwr. & Lt. RB, Pwr. Sys. Proj., 5.00%,
7/01/35, FSA | 07/15 @ 100 | 528,100 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | California(contd) | | |
| $ 945 | | Los Angeles Regl.
Arpts. Impvt. Corp., Port, Arpt. & Marina RB, American Airlines, Inc.
Proj., Ser. B, 7.50%, 12/01/24, AMT | 12/12 @ 102 | $ 1,071,460 |
| 500 | | Los Angeles
Unified Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. B, 4.75%, 1/01/27, FGIC | 07/16 @ 100 | 519,565 |
| 500 | | Poll. Ctl. Fing.
Auth., Indl. RB, Sld. Wst. Mgt. Inc. Proj., Ser. B, 5.00%, 7/01/27, AMT | 07/15 @ 101 | 508,340 |
| 1,000 | | Poway Unified
Sch. Dist., Pub. Impvts. ST, Cmnty. Facs. Dist. No. 6 Proj., 5.60%, 9/01/33 | 09/10 @ 102 | 1,026,500 |
| 500 | | Pub. Wks. Brd.,
Correctional Fac. Impvts. Lease Abatement RB, Dept. Corrections Rehab Proj.,
Ser. H, 5.00%, 11/01/31 | 11/16 @ 100 | 525,075 |
| 500 | | Rural Home Mtg.
Fin. Auth., Local Sngl. Fam. Hsg. RB, 5.40%, 12/01/36, AMT | 06/16 @ 104 | 530,915 |
| 40 | | Southern
California Pub. Pwr. Auth., Elec., Pwr. & Lt. RB, 5.50%, 7/01/20, MBIA | 05/07 @ 100 | 40,059 |
| | | Statewide Cmntys.
Dev. Auth., Hlth., Hosp. & Nursing Home RB, | | |
| 500 | | Kaiser Hosp.
Asset Mgmt. Proj., 5.25%, 8/01/31 | 08/16 @ 100 | 529,255 |
| 500 | | Kaiser Permanente
Proj., Ser. A, 5.00%, 4/01/31 | 04/17 @ 100 | 516,975 |
| 500 | 2 | Temecula Valley
Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. G, 5.75%, 8/01/07,
FGIC | N/A | 512,485 |
| 900 | 2 | Tobacco Sec.
Auth. of Southern California, Misc. Purps. Tobacco Settlement Funded RB, Ser.
A, 5.625%, 6/01/12 | N/A | 980,496 |
| 750 | | Tustin Unified
Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax ST, Cmnty. Facs. Dist. 97-1-A
Proj., 5.00%, 9/01/32, FSA | 09/12 @ 100 | 777,757 |
| 370 | | West Basin Mun.
Wtr. Dist., Lease Non-Terminable COP, Ser. A, 5.50%, 8/01/22, AMBAC | 08/07 @ 101 | 375,173 |
| | | | | 18,153,800 |
| | | Puerto
Rico17.2% | | |
| 500 | | Comnwlth., Pub.
Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34 | 07/14 @ 100 | 518,870 |
| 325 | | Elec. Pwr. Auth.,
Elec., Pwr. & Lt. Impvts. RB, Ser. NN, 5.125%, 7/01/29 | 07/13 @ 100 | 339,911 |

See Notes to Financial Statements.

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

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Puerto Rico(contd) | | |
| $ 85 | | Hwy. &
Transp. Auth., Hwy. Tolls RB, Ser. L, 5.25%, 7/01/38, AMBAC | No Opt. Call | $ 100,097 |
| 700 | | Indl. Tourist
Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB,
Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26 | 03/16 @ 100 | 731,479 |
| 745 | 2 | Pub. Fin. Corp.,
Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12 | N/A | 802,670 |
| | | | | 2,493,027 |
| | | Total
Long-Term Investments (cost $19,718,940) | | 20,646,827 |

Shares (000)
		MONEY MARKET FUND7.0%
1,007	3,4	CMA California
Mun. Money Fund, 3.29% (cost $1,006,851)	N/A	1,006,851
		Total
Investments149.8% (cost $20,725,791 5 )	$	21,653,678
		Other assets in
excess of liabilities2.1%		302,199
		Preferred shares
at redemption value, including dividends payable(51.9)%		(7,503,288	)
		Net Assets Applicable to Common
Shareholders100%	$	14,452,589

KEY TO ABBREVIATIONS — AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
COP		Certificate of Participation
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
RAA		Radian Asset Assurance
RB		Revenue Bond
SA		Special Assessment
ST		Special Tax

See Notes to Financial Statements.

PO RTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | LONG-TERM INVESTMENTS149.1% | | |
| | | California130.6% | | |
| | | Anaheim Pub.
Fing. Auth., Recreational Fac. Impvts. Lease Abatement RB, Pub. Impvt. Proj., | | |
| $ 24,500 | | Ser. C, Zero
Coupon, 9/01/31, FSA | No Opt. Call | $ 8,216,810 |
| 6,070 | | Ser. C, Zero
Coupon, 9/01/32, FSA | No Opt. Call | 1,936,755 |
| 5,000 | | Ser. C, Zero
Coupon, 9/01/35, FSA | No Opt. Call | 1,389,650 |
| | | California GO, | | |
| 5,500 | | Ser. BZ, 5.35%,
12/01/21, MBIA, AMT | 06/07 @ 101 | 5,529,535 |
| 5,000 | | Ser. BZ, 5.375%,
12/01/24, MBIA, AMT | 06/07 @ 101 | 5,027,250 |
| 10,000 | | California, Cash
Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.50%, 11/01/33 | 11/13 @ 100 | 10,875,300 |
| | | City of Chula
Vista, Indl. Dev. RB, | | |
| 4,395 | | 5.00%, 12/01/27,
AMT | 12/15 @ 102 | 4,604,685 |
| 5,065 | | San Diego Gas
& Elec. Proj., 5.00%, 12/01/27, AMT | 12/15 @ 102 | 5,293,583 |
| 1,905 | 2 | City of Richmond,
Swr. Impvts. RB, Zero Coupon, 8/01/31, FGIC | ETM | 647,395 |
| | | City of San Jose,
Local Multi-Fam. Hsg. RB, | | |
| 2,880 | | Lenzen Hsg.
Proj., Ser. B, 5.45%, 2/20/43, AMT | 08/11 @ 102 | 2,975,702 |
| 3,595 | | Vlgs. Pkwy. Sr.
Apts. Proj., Ser. D, 5.50%, 4/01/34, AMT | 04/11 @ 100 | 3,690,232 |
| 2,000 | 3 | City of Vernon,
Elec., Pwr. & Lt. Impvts. RB, Malburg Generating Station Proj., 5.50%,
4/01/08 | N/A | 2,036,360 |
| 5,000 | | Cnty. Tobacco
Sec. Agcy., Misc. Purp. Tobacco Settlement Funded RB, Stanislaus Fdg. Proj.,
Ser. A, 5.875%, 6/01/43 | 06/12 @ 100 | 5,270,200 |
| | | Dept. of Wtr.
Recs., | | |
| 6,000 | 3 | Cash Flow Mgmt.,
Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12 | N/A | 6,530,940 |
| 4,000 | 3 | Elec., Pwr. &
Lt. RB, Ser. A, 5.375%, 5/01/12 | N/A | 4,353,960 |
| 10,000 | | Edl. Facs. Auth.,
Univ. & Coll. Impvts. RB, Stanford Univ. Proj., Ser. Q, 5.25%, 12/01/32 | 06/11 @ 101 | 10,548,100 |
| 6,000 | | El Monte, Pkg.
Fac. Impvts. Lease Abatement COP, Dept. of Pub. Svcs. Facs. Phase II Proj.,
5.25%, 1/01/34, AMBAC | 01/11 @ 100 | 6,230,460 |
| | | Elk Grove Unified
Sch. Dist., Sch. Impvts. ST, Cmnty. Facs. Dist. 1 Proj., | | |
| 7,485 | | Zero Coupon,
12/01/29, AMBAC | 12/11 @ 37.373 | 2,277,910 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | California(contd) | | |
| $ 7,485 | | Zero Coupon,
12/01/30, AMBAC | 12/11 @ 35.365 | $ 2,154,557 |
| 7,485 | | Zero Coupon,
12/01/31, AMBAC | 12/11 @ 33.465 | 2,037,866 |
| | | Foothill Eastn.
Transp. Corridor Agcy., Hwy. Tolls RB, | | |
| 5,000 | | Zero Coupon,
1/15/26 | 01/14 @ 101 | 4,687,050 |
| 5,000 | | Zero Coupon,
1/15/33 | 01/10 @ 25.78 | 1,130,350 |
| 5,000 | | Zero Coupon,
1/15/34 | 01/10 @ 24.228 | 1,062,550 |
| 13,445 | | Zero Coupon,
1/15/35 | 01/10 @ 22.819 | 2,690,345 |
| 1,000 | | Zero Coupon,
1/15/38 | 01/10 @ 19.014 | 166,470 |
| 10,030 | | 5.75%, 1/15/40 | 01/10 @ 101 | 10,491,982 |
| 8,560 | | Glendale Cmnty.
Coll., Ad Valorem Ppty. Tax GO, Ser. D, 5.00%, 11/01/31, MBIA | 11/16 @ 100 | 9,119,653 |
| | | Golden St. Tobacco
Sec. Corp., | | |
| 2,000 | 3 | Misc. Purps.
Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/13 | N/A | 2,306,700 |
| 10,200 | 3 | Misc. Purps.
Tobacco Settlement Funded RB, Ser. B, 5.50%, 6/01/13 | N/A | 11,145,540 |
| 5,800 | 3 | Misc. Purps.
Tobacco Settlement Funded RB, Ser. B, 5.625%, 6/01/13 | N/A | 6,399,952 |
| 2,400 | | Misc. RB, Ser. A,
5.75%, 6/01/47 | 06/17 @ 100 | 2,566,632 |
| | | Hlth. Facs. Fin.
Auth., Hlth., Hosp. & Nursing Home Impvts. RB, | | |
| 4,890 | 2 | Kaiser Proj.,
Ser. A, 5.40%, 5/01/28 | ETM | 4,969,267 |
| 3,000 | | Valleycare Med.
Ctr. Proj., Ser. A, 5.375%, 5/01/27 | 05/12 @ 100 | 3,148,590 |
| | | Infrastructure
& Econ. Dev. Bank, | | |
| 13,500 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Kaiser Asst. Corp. Proj., Ser. A, 5.55%,
8/01/31 | 08/11 @ 102 | 14,270,985 |
| 15,250 | | Hlth., Hosp.
& Nursing Home Impvts. RB, The J. David Gladstone Proj., 5.25%, 10/01/34 | 10/11 @ 101 | 15,928,167 |
| 17,175 | 3 | Hwy. Impvts.
Tolls RB, Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC | N/A | 19,212,298 |
| 4,965 | | Irvine, Local
Sngl. Fam. Hsg. RB, Meadows Mobile Home Pk. Proj., Ser. A, 5.70%, 3/01/28 | 03/08 @ 102 | 5,113,007 |
| 7,700 3 | | Kaweah Delta
Hlth. Care Dist., Hlth., Hosp. & Nursing Home RB, 6.00%, 8/01/12 | N/A | 8,672,818 |
| | | Lathrop Fing.
Auth., Wtr. Util. Impvts. Wtr. RB, | | |
| 2,855 | | 5.90%, 6/01/27 | 06/13 @ 100 | 3,002,004 |
| 5,140 | | 6.00%, 6/01/35 | 06/13 @ 100 | 5,442,489 |

See Notes to Financial Statements.

BlackRock California Municipal Income Trust (BFZ) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | California(contd) | | |
| | Live Oak Unified
Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Cap. Apprec. Election 2004, | | |
| $ 985 | Zero Coupon,
8/01/35, XLCA | 08/18 @ 39.952 | $ 238,252 |
| 1,030 | Zero Coupon,
8/01/36, XLCA | 08/18 @ 37.743 | 235,098 |
| 1,080 | Zero Coupon,
8/01/37, XLCA | 08/18 @ 35.649 | 232,578 |
| 1,125 | Zero Coupon,
8/01/38, XLCA | 08/18 @ 33.665 | 228,780 |
| 1,175 | Zero Coupon,
8/01/39, XLCA | 08/18 @ 31.785 | 225,459 |
| 1,230 | Zero Coupon,
8/01/40, XLCA | 08/18 @ 30.004 | 222,692 |
| 1,285 | Zero Coupon,
8/01/41, XLCA | 08/18 @ 28.317 | 219,542 |
| 1,340 | Zero Coupon,
8/01/42, XLCA | 08/18 @ 26.72 | 215,981 |
| 1,400 | Zero Coupon,
8/01/43, XLCA | 08/18 @ 25.208 | 212,828 |
| 1,465 | Zero Coupon,
8/01/44, XLCA | 08/18 @ 23.777 | 210,022 |
| 4,110 | Los Angeles Regl.
Arpts. Impvt. Corp., Port, Arpt. & Marina Impvts. RB, American Airlines,
Inc. Proj., Ser. C, 7.50%, 12/01/24, AMT | 12/12 @ 102 | 4,660,000 |
| 3,400 | Los Angeles
Unified Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. B, 4.75%, 1/01/27, FGIC | 07/16 @ 100 | 3,533,042 |
| 1,000 | Palm Springs,
Hsg. RB, Sahara Mobile Home Pk. Proj., 5.625%, 5/15/26 | 05/12 @ 102 | 1,060,110 |
| | Poll. Ctrl. Fing.
Auth., | | |
| 2,290 | Rec. Recovery
Impvts. RB, Central Valley Wst. Svc. Proj., Ser. A-2, 5.40%, 4/01/25, AMT | 04/15 @ 101 | 2,412,423 |
| 6,000 | Rec. Recovery
Impvts. RB, Chemical Wst. Mgmt., Inc. Proj., Ser. C, 5.125%, 11/01/23, AMT | 11/15 @ 101 | 6,229,620 |
| 4,000 | Rancho Cucamonga
Cmnty. Facs. Dist., Pub. Impvts. ST, Ser. A, 6.50%, 9/01/33 | 09/13 @ 100 | 4,344,680 |
| 15,500 | Rancho Cucamonga
Redev. Agcy., Econ. Impvts. TA, Rancho Redev. Proj., 5.125%, 9/01/30, MBIA | 09/11 @ 100 | 16,068,230 |
| 6,500 | San Francisco
City & Cnty. Arpts. Comm., Port, Arpt. & Marina RB, Ser. 27-A, 5.25%,
5/01/31, MBIA, AMT | 05/11 @ 100 | 6,729,710 |
| | San Francisco
City & Cnty. Redev. Agcy., Pub. Impvts. ST, Cmnty. Facs. Dist. No. 6,
Mission Bay So. Proj., | | |
| 1,775 | 6.125%, 8/01/31 | 08/09 @ 102 | 1,851,929 |
| 7,500 | 6.25%, 8/01/33 | 08/11 @ 101 | 7,938,900 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | California(contd) | | |
| | | Santa Clara Cnty.
Hsg. Auth., Local Multi-Fam. Hsg. RB, | | |
| $ 1,715 | | John Burns
Gardens Apts. Proj., Ser. A, 5.85%, 8/01/31, AMT | 02/12 @ 101 | $ 1,808,142 |
| 1,235 | | River Town Apts.
Proj., Ser. A, 6.00%, 8/01/41, AMT | 02/12 @ 101 | 1,306,519 |
| 3,075 | | Santa Clarita
Cmnty. Facs. Dist. ST, Valencia Town Ctr. Proj., 5.85%, 11/15/32 | 11/10 @ 102 | 3,237,114 |
| | | Statewide Cmnty.
Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, | | |
| 4,000 | | Daughters of
Charity Proj., Ser. A, 5.25%, 7/01/30 | 07/15 @ 100 | 4,153,040 |
| 10,000 | | Sutter Hlth.
Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42 | 08/12 @ 100 | 10,718,200 |
| 2,000 | | Upland Unified
Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.125%, 8/01/25,
FSA | 08/13 @ 100 | 2,121,000 |
| 2,245 | | Val Verde Unified
Sch. Dist. ST, 6.25%, 10/01/28 | 10/13 @ 102 | 2,366,410 |
| | | | | 305,934,400 |
| | | Multi-State9.4% | | |
| | | Charter Mac Equity Issuer Trust, | | |
| 7,000 | 4 | Ser. A-2, 6.30%,
6/30/49 | 06/09 @ 100 | 7,260,050 |
| 4,000 | 4 | Ser. B-1, 6.80%,
11/30/50 | 11/10 @ 100 | 4,280,080 |
| | | MuniMae TE Bond Subsidiary LLC, | | |
| 7,000 | 4 | Ser. A-1, 6.30%,
6/30/49 | 06/09 @ 100 | 7,251,230 |
| 3,000 | | Ser. B-1, 6.80%,
6/30/50 | 11/10 @ 100 | 3,206,190 |
| | | | | 21,997,550 |
| | | Puerto
Rico9.1% | | |
| 10,000 | 3 | Elec. Pwr. Auth.,
Elec., Pwr. & Lt. Impvts. RB, Ser. 2, 5.25%, 7/01/12 | N/A | 10,825,100 |
| 10,000 | 3 | Pub. Fin. Corp.,
Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10 | N/A | 10,518,200 |
| | | | | 21,343,300 |
| | | Total
Long-Term Investments (cost $325,838,817) | | 349,275,250 |

Shares (000)
		MONEY
MARKET FUNDS5.6%
13,173	5,6	CMA California
Mun. Money Fund, 3.29% (cost $13,173,408)	N/A	13,173,408
		Total
Investments154.7% (cost $339,012,225 7 )	$	362,448,658
		Other assets in excess of liabilities1.7%		3,832,193
		Preferred shares at redemption value, including
dividends payable(56.4)%		(132,019,232	)
		Net Assets
Applicable to Common Shareholders100%	$	234,261,619

See Notes to Financial Statements.

BlackRock California Municipal Income Trust (BFZ) (continued)

| 1 | Date (month/year) and price of the earliest optional
call or redemption. There may be other call provisions at varying prices at
later dates. |
| --- | --- |
| 2 | Security is collateralized by Municipal or U.S.
Treasury obligations. |
| 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 | Security is not registered under the Securities Act
of 1933. These securities may be resold in transactions in accordance with
Rule 144A under that Act, to qualified institutional buyers. As of April 30,
2007, the Trust held 8.0% of its net assets, with a current market value of
$18,791,360, in securities restricted as to resale. |
| 5 | Represents an investment in an affiliate. |
| 6 | Represents current yield as of April 30, 2007. |
| 7 | Cost for federal income tax purposes is $339,042,508.
The net unrealized appreciation on a tax basis is $23,406,150, consisting of
$23,669,811 gross unrealized appreciation and $263,661 gross unrealized
depreciation. |

KEY TO ABBREVIATIONS — AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
COP		Certificate of Participation
ETM		Escrowed to Maturity
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
RB		Revenue Bond
SO		Special Obligation
ST		Special Tax
TA		Tax Allocation
XLCA		XL Capital Assurance

See Notes to Financial Statements.

PO RTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock Florida Investment Quality Municipal Trust (RFA)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | LONG-TERM INVESTMENTS153.0% | | |
| | | California1.7% | | |
| $ 250 | | Golden St.
Tobacco Sec. Corp. Misc. RB, Ser. A, 5.75%, 6/01/47 | 06/17 @ 100 | $ 267,357 |
| | | Florida138.0% | | |
| 250 | | Arborwood Cmnty.
Dev. Dist., Pub. Impvts. SA, Master Infrastructure Proj., Ser. B, 5.10%,
5/01/14 | No Opt. Call | 249,273 |
| 500 | | Ave Maria
Stewardship Cmnty. Dev. Dist., Pub Impvts. SA, 4.80%, 11/01/12 | No Opt. Call | 499,375 |
| 170 | 2 | Boynton Beach,
Util. Sys. RB, 6.25%, 11/01/20, FGIC | ETM | 201,278 |
| 700 | | Broward Cnty.
Sch. Brd., Sch. Impvts. Lease
COP, Ser. A, 5.00%, 7/01/30,
FSA | 07/15 @ 100 | 733,908 |
| 750 | | City of Tampa
Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA | 10/16 @ 100 | 755,963 |
| 455 | | Cnty. of
Escambia, Indl. RB, Intl. Paper Co. Proj., Ser. A, 5.00%, 8/01/26, AMT | 08/11 @ 100 | 461,397 |
| 275 | | Cnty. of Madison,
Correctional Fac. Impvts. RB, Twin Oaks Juvenile Dev. Proj., Ser. A, 6.00%,
7/01/25 | 07/15 @ 100 | 285,153 |
| | | Cnty. of
Miami-Dade, | | |
| 750 | | Florida Aviation,
Port, Arpt. & Marina RB, Miami Intl. Arpt. Proj., Ser. B, 5.00%,
10/01/37, FGIC | 10/14 @ 100 | 784,478 |
| 725 | | Hlth., Hosp.
& Nursing Home RB, Jackson Hlth. Sys. Proj., Ser. A, 5.00%, 6/01/29, MBIA | 06/15 @ 100 | 762,359 |
| 1,000 | 3 | Misc. Tax RB,
Ser. B, Zero Coupon, 10/01/08, AMBAC | N/A | 682,160 |
| 5,000 | | Recreational Fac.
Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/31, MBIA | 04/08 @ 28.079 | 1,346,800 |
| 1,000 | | Cnty. of Orange,
Sales Tax RB, 4.75%, 10/01/32, XLCA | 10/16 @ 100 | 1,025,400 |
| 750 | | Cnty. of St.
Johns, Pub. Impvts. Wtr. RB, 5.00%, 10/01/35, FSA | 10/15 @ 100 | 790,087 |
| 535 | | Emerald Coast
Utils. Auth. Wtr. RB, 5.00%, 1/01/24, FGIC | 01/17 @ 100 | 572,648 |
| 500 | | Halifax Hosp.
Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26 | 06/16 @ 100 | 523,895 |

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | Florida(contd) | | |
| $ 555 | Higher Edl. Facs.
Fing. Auth., Univ. & Coll. Impvts. RB, Flagler Coll., Inc. Proj., 5.25%,
11/01/36, XLCA | 11/16 @ 100 | $ 599,372 |
| 750 | Highlands Cnty.
Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, Adventist/Sunbelt Hosp.
Proj., 5.00%, 11/15/30 | 11/15 @ 100 | 768,315 |
| 100 | Hsg. Fin. Corp.,
Local or Gtd. Hsg. RB, 4.80%, 7/01/32, AMT | 01/17 @ 100 | 100,224 |
| 500 | Jacksonville
Econ. Dev. Comm., Indl. RB, Anheuser Busch Cos., Inc. Proj., Ser. B, 4.75%,
3/01/47, AMT | 03/12 @ 100 | 490,325 |
| 500 | Jacksonville
Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med.
Ctr. Proj., Ser. A, 5.00%, 8/15/37 | 08/17 @ 100 | 514,150 |
| 1,000 | JEA Wtr. Util.
Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA | 04/11 @ 100 | 1,013,880 |
| 400 | Lee Cnty. Indl.
Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Alliance Cmnty. for
Retirement Proj., 5.00%, 11/15/32 | 11/16 @ 100 | 403,312 |
| 250 | Lee Mem. Hlth.
Sys. Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.00%,
4/01/32, AMBAC | 04/17 @ 100 | 264,148 |
| 200 | Marion Cnty.
Hosp. Dist., Hlth., Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys.
Proj., 5.00%, 10/01/29 | 10/17 @ 100 | 204,230 |
| 500 | Miami Beach Hlth.
Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr.
Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 565,800 |
| 750 | Miami Hlth. Facs.
Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. East Proj.,
Ser. C, 5.125%, 11/15/24 | 11/13 @ 100 | 780,600 |
| 250 | New River Cmnty.
Dev. Dist., Pub. Impvts. SA, Ser. B, 5.00%, 5/01/13 | No Opt. Call | 248,465 |
| | Orange Cnty.
Hlth. Facs. Auth., Misc. RB, Orlando Lutheran Towers Proj., | | |
| 105 | 5.375%, 7/01/20 | 07/15 @ 100 | 105,612 |
| 95 | 5.70%, 7/01/26 | 07/15 @ 100 | 97,879 |
| 1,000 | Palm Beach Cnty.
Wtr. & Swr. RB, Ser. A, 5.00%, 10/01/36 | 10/16 @ 100 | 1,061,670 |

See Notes to Financial Statements.

BlackRock Florida Investment Quality Municipal Trust (RFA) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Florida(contd) | | |
| $ 750 | | Peace
River/Manasota Regl. Wtr. Sply. Auth., Wtr. Util. Impvts. RB, Ser. A, 5.00%,
10/01/35, FSA | 10/15 @ 100 | $ 787,920 |
| 400 | | Pine Ridge
Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. B, 5.00%, 5/01/11 | No Opt. Call | 398,280 |
| 1,000 | 3 | Pinellas Cnty.
Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baycare Hlth.
Sys., Inc. Proj., 5.50%, 5/15/13 | N/A | 1,091,550 |
| 700 | | So. Florida Wtr.
Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, 10/01/36, AMBAC | 10/16 @ 100 | 738,710 |
| 585 | | Stevens
Plantation Impvt. Dependent Spl. Dist. Proj., Pub. Impvts. Misc. RB, 6.375%,
5/01/13 | No Opt. Call | 606,370 |
| 500 | | Univ. of Central
Florida, Lease COP, Univ. of Central Florida Convocation Corp. Proj., Ser. A,
5.00%, 10/01/35, FGIC | 10/15 @ 100 | 522,405 |
| 750 | | Vlg. Ctr. Cmnty.
Dev. Dist., Recreational Fac. Impvts. RB, Ser. A, 5.00%, 11/01/32, MBIA | 11/13 @ 101 | 785,423 |
| | | | | 21,822,814 |
| | | Puerto Rico13.3% | | |
| 500 | | Comnwlth., Pub.
Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34 | 07/14 @ 100 | 518,870 |
| 85 | | Hwy. &
Transp. Auth., Hwy. Tolls RB, Ser. L, 5.25%, 7/01/38, AMBAC | No Opt. Call | 100,097 |
| 650 | | Indl. Tourist
Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB,
Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26 | 03/16 @ 100 | 679,231 |
| 745 | 3 | Pub. Fin. Corp.,
Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12 | N/A | 802,670 |
| | | | | 2,100,868 |
| | | Total Long-Term Investments (cost
$23,443,261) | | 24,191,039 |

Shares (000)		Description	Value
		MONEY MARKET FUND0.6%
101	4,5	CMA Florida Mun.
Money Fund, 3.39% (cost $101,127)	$ 101,127
		Total Investments153.6% (cost $23,544,389 6 )	$ 24,292,166
		Other assets in
excess of liabilities0.2%	23,021
		Preferred shares
at redemption value, including dividends payable(53.8)%	(8,503,680	)
		Net Assets Applicable to Common
Shareholders100%	$ 15,811,507

KEY TO ABBREVIATIONS — AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
COP		Certificate of Participation
ETM		Escrowed to Maturity
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
RB		Revenue Bond
SA		Special Assessment
XLCA		XL Capital Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock Florida Municipal Income Trust (BBF)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | LONG-TERM INVESTMENTS152.4% | | |
| | | Florida134.9% | | |
| $ 1,000 | | Ave Maria
Stewardship Cmnty. Dev. Dist., Pub Impvts. SA, 4.80%, 11/01/12 | No Opt. Call | $ 998,750 |
| 7,705 | | Beacon Tradeport
Cmnty. Dev. Dist. SA, Ser. A, 5.625%, 5/01/32, RAA | 05/12 @ 102 | 8,328,257 |
| 2,000 | | Boynton Beach,
Hsg. RB, Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA | 01/13 @ 100 | 2,104,640 |
| 5,550 | 2 | Brd. of Ed., Sch.
Impvts. Misc. GO, Ser. A, 5.125%, 6/01/10 | N/A | 5,828,055 |
| 2,800 | | Cap. Projs. Fin.
Auth., Univ. & Coll. Impvts. RB, Cap. Projs. Loan Prog., Ser. F-1, 5.00%,
10/01/31, MBIA | 08/11 @ 102 | 2,907,828 |
| 4,000 | | City of Jacksonville,
Pub. Impvts. Sales Tax RB, 5.00%, 10/01/26, MBIA | 10/11 @ 100 | 4,129,360 |
| 2,770 | 3 | City of
Melbourne, Wtr. Util. Impvts. RB, Zero Coupon, 10/01/21, FGIC | ETM | 1,536,325 |
| | | City of Tampa, | | |
| 5,500 | | Univ. & Coll.
Impvts. RB, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA | 04/12 @ 100 | 5,849,910 |
| 4,000 | | Wtr. RB, Ser. A,
5.00%, 10/01/26 | 10/11 @ 101 | 4,149,600 |
| 2,750 | | Wtr. Util.
Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA | 10/16 @ 100 | 2,771,862 |
| 1,750 | | Cnty. of Madison,
Correctional Fac. Impvts. RB, Twin Oaks Juvenile Dev. Proj., Ser. A, 6.00%,
7/01/25 | 07/15 @ 100 | 1,814,610 |
| | | Cnty. of
Miami-Dade, | | |
| 2,595 | | Misc. Taxes RB,
Ser. A, Zero Coupon, 10/01/19, MBIA | 04/08 @ 55.413 | 1,383,446 |
| 9,700 | | Recreational Fac.
Impvts. Misc. Tax SO, Ser. B, Zero Coupon, 10/01/33, MBIA | 04/08 @ 25.056 | 2,331,104 |
| 25,000 | | Recreational Fac.
Impvts. Misc. Tax SO, Ser. C, Zero Coupon, 10/01/28, MBIA | 04/08 @ 32.99 | 7,914,000 |
| 6,000 | | Cnty. of Orange,
Sales Tax RB, 4.75%, 10/01/32, XLCA | 10/16 @ 100 | 6,152,400 |
| 1,000 | | Cnty. of St.
Johns, Pub. Impvts. Wtr. RB, 5.00%, 10/01/35, FSA | 10/15 @ 100 | 1,053,450 |
| 1,000 | | Easton Pk. Comm.
Dev. Dist., Pub. Impvts. SA, 5.20%, 5/01/37 | 05/17 @ 100 | 993,530 |
| 799 | | Escambia Cnty.
Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, 5.95%, 7/01/20,
AMBAC | No Opt. Call | 827,449 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Florida(contd) | | |
| $ 310 | | Gateway Svcs.
Cmnty. Dev. Dist., Pub. Impvts. SA, Stoneybrook Proj., 5.50%, 7/01/08 | No Opt. Call | $ 310,676 |
| 1,500 | | Halifax Hosp.
Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26 | 06/16 @ 100 | 1,571,685 |
| 1,635 | | Heritage Harbour
So. Cmnty. Dev. Dist., Pub. Impvt. SA, Ser. A, 6.50%, 5/01/34 | 05/13 @ 101 | 1,782,739 |
| | | Highlands Cnty.
Hlth. Facs. Auth., | | |
| 1,500 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Adventist Bolingbrook Hlth. Sys. Proj.,
5.125%, 11/15/32 | 11/16 @ 100 | 1,552,035 |
| 6,500 | 2 | Hlth., Hosp.
& Nursing Home RB, Adventist Hlth. Sys./Sunbelt Proj., Ser. A, 6.00%,
11/15/11 | N/A | 7,154,615 |
| 1,450 | | Hillsborough
Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj.,
5.50%, 10/01/23 | 10/12 @ 100 | 1,533,274 |
| 7,500 | | Jacksonville
Econ. Dev. Comm., Hlth., Hosp. & Nursing Home Impvts. RB, Mayo Clinic
Jacksonville Proj., Ser. B, 5.50%, 11/15/36 | 11/11 @ 101 | 7,992,675 |
| 1,600 | | Jacksonville
Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med.
Ctr. Proj., Ser. A, 5.00%, 8/15/37 | 08/17 @ 100 | 1,645,280 |
| | | JEA, | | |
| 2,000 | 2 | Elec., Pwr. &
Lt. Impvts. RB, Ser. A, 5.50%, 10/01/07 | N/A | 2,014,660 |
| 5,000 | | Wtr. Util.
Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA | 04/11 @ 100 | 5,069,400 |
| 1,600 | | Laguna Lakes
Cmnty. Dev. Dist., Spl. Assmt. RB, Ser. A, 6.40%, 5/01/33 | 05/13 @ 101 | 1,727,680 |
| 1,430 | | Lee Cnty. Indl.
Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Alliance Cmnty. for
Retirement Proj., 5.00%, 11/15/32 | 11/16 @ 100 | 1,441,840 |
| 1,000 | | Lee Mem. Hlth.
Sys. Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.00%,
4/01/32, AMBAC | 04/17 @ 100 | 1,056,590 |
| 1,100 | | Marion Cnty.
Hosp. Dist., Hlth., Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys.
Proj., 5.00%, 10/01/29 | 10/17 @ 100 | 1,123,265 |

See Notes to Financial Statements.

BlackRock Florida Municipal Income Trust (BBF) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Florida(contd) | | |
| $ 3,000 | | Miami Beach Hlth.
Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr.
Proj., 6.75%, 11/15/21 | 11/14 @ 100 | $ 3,394,800 |
| 1,000 | | Miami-Dade Cnty.
Expwy. Auth., Hwy. Tolls RB, 5.125%, 7/01/25, FGIC | 07/11 @ 101 | 1,053,920 |
| 1,500 | | New River Cmnty.
Dev. Dist., Pub. Impvts. SA, Ser. B, 5.00%, 5/01/13 | No Opt. Call | 1,490,790 |
| | | Northern Palm
Beach Cnty. Impvt. Dist., Wtr. Util. Impvts. Spl. Assmt. RB, Wtr. Ctrl. &
Impvt. Unit Dev. 43 Proj., | | |
| 1,155 | 2 | 6.10%, 8/01/11 | N/A | 1,255,358 |
| 360 | | 6.10%, 8/01/21 | 08/11 @ 101 | 381,719 |
| 3,500 | 2 | 6.125%, 8/01/11 | N/A | 3,837,680 |
| | | Orange Cnty.
Hlth. Facs. Auth., Misc. RB, Orlando Lutheran Towers Proj., | | |
| 655 | | 5.375%, 7/01/20 | 07/15 @ 100 | 658,819 |
| 600 | | 5.70%, 7/01/26 | 07/15 @ 100 | 618,186 |
| 2,500 | | Palm Beach Cnty.
Sch. Brd., Lease Approp. COP, Ser. B, 5.00%, 8/01/25, AMBAC | 08/11 @ 101 | 2,617,225 |
| 600 | | Pine Ridge
Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. B, 5.00%, 5/01/11 | No Opt. Call | 597,420 |
| 750 | | So. Florida Wtr.
Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, 10/01/36, AMBAC | 10/16 @ 100 | 791,475 |
| 12,000 | | So. Miami Hlth.
Facs. Auth., Hlth., Hosp. & Nursing Home RB, Baptist Hlth. Proj., 5.25%,
11/15/33 | 02/13 @ 100 | 12,556,080 |
| 1,500 | 2 | St. Petersburg,
Wtr. Util. Impvts. Wtr. RB, Ser. A, 5.00%, 10/01/09, FSA | N/A | 1,559,835 |
| 2,740 | | Sumter Cnty.
Indl. Dev. Auth., Indl. Impvts. RB, North Sumter Util. Co. LLC Proj., 6.80%,
10/01/32, AMT | 10/09 @ 100 | 2,837,681 |
| | | Vlg. Cmnty. Dev.
Dist. No. 5, Pub. Impvts. SA, | | |
| 3,100 | | Ser. A, 6.00%,
5/01/22 | 05/13 @ 101 | 3,317,031 |
| 1,480 | | Ser. A, 6.50%,
5/01/33 | 05/13 @ 101 | 1,609,722 |
| 1,795 | | Vlg. Ctr. Cmnty.
Dev. Dist., Recreational Fac. Impvts. RB, Ser. A, 5.00%, 11/01/32, MBIA | 11/13 @ 101 | 1,879,778 |
| 2,000 | | Volusia Cnty.
Edl. Fac. Auth., Univ. & Coll. Impvts. RB, Embry Riddle Aeronautical
Proj., Ser. A, 5.75%, 10/15/29 | 10/09 @ 101 | 2,077,340 |
| | | | | 139,585,849 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | Puerto Rico17.5% | | |
| $ 4,850 | | Childrens Trust
Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43 | 05/12 @ 100 | $ 5,105,401 |
| | | Comnwlth., Pub.
Impvt. Fuel Sales Tax GO, | | |
| 2,520 | 2 | Ser. A, 5.125%,
7/01/11 | N/A | 2,660,440 |
| 4,980 | | Ser. A, 5.125%,
7/01/31 | 07/11 @ 100 | 5,129,250 |
| 1,000 | | Hwy. &
Transp. Auth., Hwy. Tolls RB, Ser. M, 5.00%, 7/01/37 | 07/17 @ 100 | 1,048,710 |
| 4,000 | 2 | Pub. Fin. Corp.,
Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10 | N/A | 4,207,280 |
| | | | | 18,151,081 |
| | | Total Long-Term Investments (cost
$149,325,150) | | 157,736,930 |

Shares (000)
		MONEY MARKET FUND2.4%
2,517	4,5	CMA Florida Mun.
Money Fund, 3.39% (cost $2,517,166)	N/A	2,517,166
		Total Investments154.8% (cost $151,842,316 6 )	$	160,254,096
		Other assets in
excess of liabilities0.8%		822,444
		Preferred shares
at redemption value, including dividends payable(55.6)%		(57,584,057	)
		Net Assets Applicable to Common
Shareholders100%	$	103,492,483

KEY TO ABBREVIATIONS — ACA		American Capital Access
AMBAC		American Municipal Bond
Assurance Corp.
AMT		Subject to Alternative
Minimum Tax
COP		Certificate of
Participation
ETM		Escrowed to Maturity
FGIC		Financial Guaranty
Insurance Co.
FSA		Financial Security
Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance
Assoc.
RAA		Radian Asset Assurance
RB		Revenue Bond
SA		Special Assessment
SO		Special Obligation
XLCA		XL Capital Assurance

See Notes to Financial Statements.

| PO RTFOLIO OF INVESTMENTS
(unaudited) |
| --- |
| APRIL 30, 2007 |

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | |
| --- | --- | --- | --- | --- |
| | | LONG-TERM INVESTMENTS149.3% | | |
| | | Multi-State7.3% | | |
| $ 1,000 | 2 | Charter Mac
Equity Issuer Trust, Ser. A, 6.625%,
6/30/49 | 06/09 @ 100 | $ 1,044,200 |
| | | New Jersey122.7% | | |
| 1,000 | | Delaware River
Port Auth. of Pennsylvania & New Jersey, Hwy. Impvts. Hwy. Tolls RB,
5.75%, 1/01/26, FSA | 01/10 @ 100 | 1,048,220 |
| | | Econ. Dev. Auth., | | |
| 1,000 | | Econ. Impvts.
Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/34 | 06/14 @ 100 | 1,076,240 |
| 60 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.75%, 1/01/25 | 01/13 @ 102 | 62,368 |
| 110 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.875%, 1/01/37 | 01/13 @ 102 | 115,155 |
| 1,000 | | Hlth., Hosp.
& Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 5.80%, 11/01/31 | 11/14 @ 100 | 1,083,860 |
| 140 | | Hlth., Hosp.
& Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/26 | 11/16 @ 100 | 141,673 |
| 925 | | Port, Arpt. &
Marina Impvts. RB, Contl. Airlines,
Inc. Proj., 7.00%, 11/15/30, AMT | 11/10 @ 101 | 986,281 |
| 500 | | Rec. Recovery
Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.30%, 6/01/15, AMT | No Opt. Call | 525,845 |
| 900 | | Trans. Impvts.
RB, New Jersey Econ. Transp. Proj.,
Ser. A, 5.75%, 5/01/10, FSA | No Opt. Call | 951,714 |
| | | Edl. Facs. Auth., | | |
| 640 | | Univ. & Coll.
Impvts. Lease RB, Kean Univ. Proj., Ser. D, 5.00%, 7/01/26, FGIC | 07/17 @ 100 | 686,368 |
| 500 | | Univ. & Coll.
Impvts. RB, Rowan Univ. Proj., Ser. G, 4.50%, 7/01/31, MBIA | 07/16 @ 100 | 500,345 |
| 250 | | Univ. & Coll.
RB, Ramapo Coll. Proj., Ser. I, 4.25%, 7/01/31, AMBAC | 07/17 @ 100 | 244,440 |
| 100 | | Univ. & Coll.
RB, Rowan Univ. Proj., Ser. B, 4.25%, 7/01/34, FGIC | 07/17 @ 100 | 97,398 |
| | | Hlth. Care Facs.
Fing. Auth., | | |
| 1,000 | | Hlth., Hosp.
& Nursing Home Impvts. RB,
Hackensack Univ. Med. Ctr. Proj., 6.00%, 1/01/25 | 01/10 @ 101 | 1,055,190 |
| 1,725 | | Hlth., Hosp.
& Nursing Home RB, St.
Barnabas Hlth. Care Sys. Proj., Zero
Coupon, 7/01/38 | 01/17 @ 33.653 | 350,365 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | |
| --- | --- | --- | --- | --- |
| | | New
Jersey(contd) | | |
| $ 250 | | Hlth., Hosp.
& Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., 5.00%, 7/01/29 | 01/17 @ 100 | $ 255,952 |
| 1,000 | | Hlth., Hosp.
& Nursing Home RB, St. Josephs Hosp. & Med. Ctr. Proj., 5.75%, 7/01/16,
CONNIE LEE | 05/07 @ 102 | 1,019,740 |
| 1,000 | | Hudson Cnty.
Impvt. Auth., Recreational Fac. Impvts. Misc. RB, Ser. A-1, Zero Coupon,
12/15/32, MBIA | No Opt. Call | 318,910 |
| | | Middlesex Cnty.
Impvt. Auth., | | |
| 200 | | Pub. Impvts.
Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37 | 01/15 @ 100 | 212,438 |
| 1,000 | | Univ. & Coll.
Impvts. RB, Student Hsg. Urban Renewal Proj., Ser. A, 5.00%, 8/15/35 | 08/14 @ 100 | 1,034,680 |
| 900 | | Newark Hsg.
Auth., Lease RB, Newark Redev. Proj., 4.375%, 1/01/37, MBIA | 01/17 @ 100 | 888,894 |
| 500 | | Old Brdg. Twnshp.
Brd. of Ed., Ad Valorem Ppty. Tax GO, 4.375%, 7/15/32, MBIA | 07/16 @ 100 | 499,215 |
| 1,000 | | Passaic Valley
Sewage Commissioners, Swr. GO, Ser. E, 5.75%, 12/01/21, AMBAC | 12/09 @ 101 | 1,058,670 |
| 500 | | Port Auth. of New
York & New Jersey, Port, Arpt. & Marina RB, Ser. 132, 5.00%, 9/01/33 | 09/13 @ 101 | 525,865 |
| 490 | | So. Jersey
Transp. Auth., Hwy. Impvts. Trans. RB, Ser. A, 4.50%, 11/01/35, FGIC | 11/15 @ 100 | 491,372 |
| | | Tobacco
Settlement Fing. Corp., | | |
| 750 | 3 | Pub. Impvts.
Tobacco Settlement Funded RB, 6.125%, 6/01/12 | N/A | 833,220 |
| 350 | | Tobacco
Settlement Funded RB, Ser. 1A, 5.00%, 6/01/41 | 06/17 @ 100 | 344,298 |
| 600 | | Tobacco
Settlement Funded RB, Ser. 1B, Zero Coupon, 6/01/41 | 06/17 @ 26.257 | 91,746 |
| | | Tpke. Auth., Hwy.
Tolls RB, | | |
| 840 | 4 | Ser. C, 6.50%,
1/01/16, AMBAC | ETM | 972,183 |
| 160 | | Ser. C, 6.50%,
1/01/16, AMBAC | No Opt. Call | 184,338 |
| | | | | 17,656,983 |
| | | Puerto Rico19.3% | | |
| 500 | | Comnwlth., Pub.
Impvts. Ad Valorem Ppty. Tax GO, Ser.
A, 5.25%, 7/01/30 | 07/16 @ 100 | 537,220 |

See Notes to Financial Statements.

BlackRock New Jersey Investment Quality Municipal Trust (RNJ) (continued)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- |
| | Puerto Rico(contd) | | |
| | Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts.
RB, | | |
| $ 500 | Ser. RR, 5.00%,
7/01/35, FGIC | 07/15 @ 100 | $ 529,520 |
| 250 | Ser. TT, 5.00%,
7/01/32 | 07/17 @ 100 | 263,015 |
| 80 | Hwy. &
Transp. Auth., Hwy. Tolls RB, Ser. L, 5.25%, 7/01/38, AMBAC | No Opt. Call | 94,209 |
| 600 | Indl. Tourist
Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB,
Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26 | 03/16 @ 100 | 626,982 |
| 795 | Infrastructure
Fing. Auth., Pub. Impvts. Sales Tax RB, Ser. A, Zero Coupon, 7/01/37, AMBAC | No Opt. Call | 208,123 |
| 500 | Infrastructure
Fing. Auth., Pub. Impvts. ST, Ser. B, 5.00%, 7/01/31 | 07/16 @ 100 | 523,175 |
| | | | 2,782,244 |
| | Total Long-Term Investments (cost $20,576,633) | | 21,483,427 |

Shares (000)		Description	Value
		MONEY MARKET FUND7.6%
1,101	5,6	CMA New Jersey
Muni. Money Fund, 3.29% (cost $1,100,994)	$ 1,100,994
		Total Investments156.9% (cost $21,677,627 7 )	$ 22,584,421
		Liabilities in
excess of other assets(4.8)%	(689,640	)
		Preferred shares
at redemption value, including dividends payable(52.2)%	(7,504,562	)
		Net Assets Applicable to Common
Shareholders100%	$ 14,390,219

| 1 | Date (month/year) and price of the earliest optional
call or redemption. There may be other call provisions at varying prices at
later dates. |
| --- | --- |
| 2 | Security is not registered under the Securities Act
of 1933. These securities may be resold in transactions in accordance with
Rule 144A under that Act, to qualified institutional buyers. As of April 30,
2007, the Trust held 7.3% of its net assets, with a current market value of
$1,044,200, in securities restricted as to resale. |
| 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 | Security is collateralized by Municipal or U.S.
Treasury obligations. |
| 5 | Represents an investment in an affiliate. |
| 6 | Represents current yield as of April 30, 2007. |
| 7 | Cost for federal income tax purposes is $21,680,472.
The net unrealized appreciation on a tax basis is $903,949, consisting of
$936,026 gross unrealized appreciation and $32,077 gross unrealized
depreciation. |

KEY TO ABBREVIATIONS — AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
CONNIE LEE		College Construction Loan Insurance Assoc.
ETM		Escrowed to Maturity
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
RB		Revenue Bond
ST		Special Tax

See Notes to Financial Statements.

| PO RTFOLIO OF INVESTMENTS
(unaudited) |
| --- |
| APRIL 30, 2007 |

BlackRock New Jersey Municipal Income Trust (BNJ)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | |
| --- | --- | --- | --- | --- |
| | | LONG-TERM
INVESTMENTS148.0% | | |
| | | Multi-State12.5% | | |
| | | Charter Mac
Equity Issuer Trust, | | |
| $ 7,000 | 2 | Ser. A-2, 6.30%,
6/30/49 | 06/09 @ 100 | $ 7,260,050 |
| 2,500 | 2 | Ser. B-1, 6.80%,
11/30/50 | 11/10 @ 100 | 2,675,050 |
| | | MuniMae TE Bond
Subsidiary LLC, | | |
| 3,000 | 2 | Ser. A-1, 6.30%,
6/30/49 | 06/09 @ 100 | 3,107,670 |
| 2,000 | | Ser. B-1, 6.80%,
6/30/49 | 11/10 @ 100 | 2,137,460 |
| | | Total Multi-State | | 15,180,230 |
| | | New Jersey117.6% | | |
| | | Cherry Hill
Twnshp., Pub. Impvts. Ad Valorem Ppty. Tax GO, | | |
| 3,065 | 3 | 5.00%, 7/15/11 | N/A | 3,222,449 |
| 4,275 | 3 | 5.00%, 7/15/11 | N/A | 4,494,607 |
| | | City of Vineland,
Elec., Pwr. & Lt. Impvts. Ad Valorem Ppty. Tax GO, | | |
| 1,500 | | 5.30%, 5/15/30,
MBIA, AMT | 05/10 @ 101 | 1,558,710 |
| 1,500 | | 5.375%, 5/15/31,
MBIA, AMT | 05/10 @ 101 | 1,562,580 |
| | | Econ. Dev. Auth., | | |
| 5,000 | | Econ. Impvts.
Elec., Pwr. & Lt. RB, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31, AMT | No Opt. Call | 5,988,100 |
| 5,000 | | Econ. Impvts.
Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/34 | 06/14 @ 100 | 5,381,200 |
| 500 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.75%, 1/01/25 | 01/13 @ 102 | 519,735 |
| 855 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.875%, 1/01/37 | 01/13 @ 102 | 895,065 |
| 2,630 | | Hlth., Hosp.
& Nursing Home RB, Fellowship Vlg., Inc. Proj., Ser. C., 5.50%, 1/01/18 | 01/09 @ 102 | 2,689,306 |
| 4,050 | | Hlth., Hosp.
& Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 5.75%, 11/01/24 | 11/14 @ 100 | 4,355,977 |
| 2,000 | | Hlth., Hosp.
& Nursing Home RB, Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 | 06/11 @ 102 | 2,125,700 |
| 860 | | Hlth., Hosp.
& Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/26 | 11/16 @ 100 | 870,277 |
| 930 | | Hlth., Hosp.
& Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/36 | 11/16 @ 100 | 935,524 |
| 1,910 | | Local Hsg. RB,
Victoria Hlth. Corp. Proj., Ser. A, 5.20%, 12/20/36 | 12/11 @ 103 | 2,032,584 |
| 3,450 | | Port, Arpt. &
Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT | 11/10 @ 101 | 3,678,562 |

| | | Description | Option
Call Provisions 1 | |
| --- | --- | --- | --- | --- |
| | | New Jersey(contd) | | |
| $ 2,000 | | Port, Arpt. &
Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.20%, 11/15/30, AMT | 11/10 @ 101 | $ 2,153,220 |
| 500 | | RB, Cigarette Tax
Proj., 5.75%, 6/15/29 | 06/14 @ 100 | 558,350 |
| 2,000 | | Rec. Recovery
Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.30%, 6/01/15, AMT | No Opt. Call | 2,103,380 |
| 2,500 | | SA, Kapkowski Rd.
Landfill Proj., 6.50%, 4/01/28 | No Opt. Call | 3,072,525 |
| | | Edl. Facs. Auth., | | |
| 1,000 | | Local Hsg. RB,
Fairleigh Dickinson Univ. Proj., Ser. C, 5.50%, 7/01/23 | 07/14 @ 100 | 1,070,750 |
| 2,000 | | Local Hsg. RB,
Fairleigh Dickinson Univ. Proj., Ser. C, 6.00%, 7/01/20 | 07/14 @ 100 | 2,214,220 |
| 3,000 | | Univ. & Coll.
Impvts. RB, Fairleigh Dickinson Univ. Proj., Ser. D, 6.00%, 7/01/25 | 07/13 @ 100 | 3,266,820 |
| 2,120 | | Univ. & Coll.
Impvts. RB, Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33 | 07/13 @ 100 | 2,372,662 |
| 500 | | Univ. & Coll.
RB, Ramapo Coll. Proj., Ser. I, 4.25%, 7/01/31, AMBAC | 07/17 @ 100 | 488,880 |
| 700 | | Univ. & Coll.
RB, Rowan Univ. Proj., Ser. B, 4.25%, 7/01/34, FGIC | 07/17 @ 100 | 681,786 |
| 1,000 | | Egg Harbor
Twnshp. Sch. Dist., Ad Valorem Ppty. Tax GO, 4.125%, 4/01/30, FSA | 04/16 @ 100 | 968,950 |
| 12,600 | | Garden St.
Presvtn. Trust, Recreational Fac. Impvts. RB, Open Space & Farmland
Presvtn. Proj., Ser. B, Zero Coupon, 11/01/26, FSA | No Opt. Call | 5,422,788 |
| | | Hlth. Care Facs.
Fing. Auth., | | |
| 3,000 | 3 | Hlth., Hosp.
& Nursing Home Impvts. RB, Catholic Hlth. East. Proj., Ser. A, 5.375%,
11/15/12 | N/A | 3,243,390 |
| 10,000 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31 | 07/11 @ 100 | 10,527,500 |
| 1,960 | 3 | Hlth., Hosp.
& Nursing Home Impvts. RB, So. Jersey Hosp. Sys. Proj., 6.00%, 7/01/12 | N/A | 2,157,646 |
| 5,500 | 3 | Hlth., Hosp.
& Nursing Home Impvts. RB, So. Jersey Hosp. Sys. Proj., 6.00%, 7/01/12 | N/A | 6,054,620 |
| 4,500 | | Hlth., Hosp.
& Nursing Home RB, Atlantic City Med. Ctr. Proj., 5.75%, 7/01/25 | 07/12 @ 100 | 4,810,005 |

See Notes to Financial Statements.

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

(Percentages shown are based on Net Assets)

| | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | New
Jersey(contd) | | |
| $ 1,650 | | Hlth., Hosp.
& Nursing Home RB, So. Jersey Hosp., Inc. Proj., 5.00%, 7/01/46 | 07/16 @ 100 | $ 1,678,793 |
| 14,905 | | Hlth., Hosp.
& Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., Zero Coupon,
7/01/38 | 01/17 @ 33.653 | 3,027,355 |
| 750 | | Hlth., Hosp.
& Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., 5.00%, 7/01/29 | 01/17 @ 100 | 767,858 |
| 700 | | Hsg. & Mtg. Fin.
Agcy., Local or Gtd. Hsg. RB, 4.70%, 10/01/37, AMT | 04/17 @ 100 | 695,485 |
| | | Middlesex Cnty. Impvt.
Auth., | | |
| 4,400 | | Local Multi-Fam.
Hsg. RB, New Brunswick Apts. LLC
Proj., 5.30%, 8/01/35, AMT | 08/12 @ 100 | 4,508,944 |
| 1,400 | | Local Multi-Fam.
Hsg. RB, Skyline Tower Urban Renewal Proj., 5.35%, 7/01/34, AMT | 07/11 @ 100 | 1,461,670 |
| 1,790 | | Pub. Impvts.
Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37 | 01/15 @ 100 | 1,901,320 |
| 2,500 | | Middlesex Cnty.
Poll. Ctrl. Auth., Indl. Impvts. RB, Hess Corp. Proj., 6.05%, 9/15/34 | 09/14 @ 100 | 2,708,150 |
| 1,905 | | Newark Hlth. Care
Fac., Hlth., Hosp. & Nursing Home RB, New Cmnty. Urban Renewal Proj.,
Ser. A, 5.20%, 6/01/30 | 06/12 @ 102 | 2,023,758 |
| 2,375 | | Newark Hsg.
Auth., Lease RB, Newark Redev. Proj., 4.375%, 1/01/37, MBIA | 01/17 @ 100 | 2,345,693 |
| 8,000 | | Port Auth. of New
York & New Jersey, Port, Arpt. & Marina Impvts. RB, JFK Intl. Air
Term. LLC Proj., 5.75%, 12/01/22, MBIA, AMT | 12/07 @ 102 | 8,241,520 |
| | | Rahway Valley
Swr. Auth., Swr. Impvts. RB, Cap. Apprec. Proj., | | |
| 4,000 | | Ser. A, Zero
Coupon, 9/01/30, MBIA | No Opt. Call | 1,435,480 |
| 2,000 | | Ser. A, Zero
Coupon, 9/01/33, MBIA | No Opt. Call | 624,300 |
| | | Tobacco
Settlement Fing. Corp., | | |
| 10,500 | 3 | Pub. Impvts.
Tobacco Settlement Funded RB, 6.125%, 6/01/12 | N/A | 11,665,080 |
| 2,500 | | Tobacco
Settlement Funded RB, Ser. 1A, 5.00%,
6/01/41 | 06/17 @ 100 | 2,459,275 |
| 3,300 | | Tobacco
Settlement Funded RB, Ser. 1B, Zero Coupon, 6/01/41 | 06/17 @ 26.257 | 504,603 |
| | | Trenton Pkg.
Auth., Auto Pkg. RB, | | |
| 3,465 | | 5.00%, 4/01/25,
FGIC | 04/11 @ 100 | 3,598,368 |
| 1,500 | | 5.00%, 4/01/30,
FGIC | 04/11 @ 100 | 1,546,185 |
| | | | | 142,671,705 |

| | | Description | Option
Call Provisions 1 | | |
| --- | --- | --- | --- | --- | --- |
| | | Puerto
Rico17.9% | | | |
| $ 1,000 | | Elec. Pwr. Auth.,
Elec., Pwr. & Lt. Impvts. RB, Ser. TT, 5.00%, 7/01/32 | 07/17 @ 100 | $ 1,052,060 | |
| 2,590 | | Hsg. Fin. Corp.,
Local or Gtd. Hsg. RB, Ser. A, 5.20%, 12/01/33 | 06/11 @ 100 | 2,623,134 | |
| 2,590 | | Hsg. Fin. Corp.,
St. Sngl. Fam. Hsg. RB, Ser. B, 5.30%, 12/01/28, AMT | 06/11 @ 100 | 2,620,892 | |
| 3,500 | 3 | Hwy. &
Transp. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. D, 5.25%, 7/01/12 | N/A | 3,759,770 | |
| 6,000 | | Infrastructure
Fing. Auth., Pub. Impvts. Sales Tax RB, Ser. A, Zero Coupon, 7/01/37, AMBAC | No Opt. Call | 1,570,740 | |
| | | Pub. Bldgs.
Auth., Pub. Impvts. Lease RB, | | | |
| 5,000 | | Ser. D, Zero
Coupon, 7/01/31, AMBAC | 07/17 @ 100 | 4,220,000 | |
| 3,765 | 3 | Ser. D, 5.25%,
7/01/12 | N/A | 4,038,941 | |
| 1,735 | | Ser. D, 5.25%,
7/01/36 | 07/12 @ 100 | 1,814,654 | |
| | | | | 21,700,191 | |
| | | Total Long-Term Investments (cost
$167,210,622) | | 179,552,126 | |
| Shares (000) | | | | | |
| | | MONEY
MARKET FUND3.8% | | | |
| 4,605 | 4,5 | CMA New Jersey
Muni. Money Fund, 3.29% (cost $4,604,631) | N/A | 4,604,631 | |
| | | Total Investments151.8% (cost $171,815,253 6 ) | | $ 184,156,757 | |
| | | Other assets in
excess of liabilities0.8% | | 958,218 | |
| | | Preferred shares
at redemption value, including dividends payable(52.6)% | | (63,826,570 | ) |
| | | Net Assets Applicable to Common
Shareholders100% | | $ 121,288,405 | |

| 1 | Date (month/year) and price of the earliest optional
call or redemption. There may be other call provisions at varying prices at
later dates. |
| --- | --- |
| 2 | Security is not registered under the Securities Act
of 1933. These securities may be resold in transactions in accordance with
Rule 144A under that Act, to qualified institutional buyers. As of April 30,
2007, the Trust held 10.8% of its net assets, with a current market value of
$13,042,770, in securities restricted as to resale. |
| 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 | Represents an investment in an affiliate. |
| 5 | Represents current yield as of April 30, 2007. |
| 6 | Cost for federal income tax purposes is $171,882,396.
The net unrealized appreciation on a tax basis is $12,274,361, consisting of
$12,530,248 gross unrealized appreciation and $255,887 gross unrealized depreciation. |

KEY TO ABBREVIATIONS — AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
RB		Revenue Bond
SA		Special Assessment

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock New York Investment Quality Municipal Trust (RNY)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | LONG-TERM
INVESTMENTS147.5% | | |
| | | New
York134.7% | | |
| | | Albany Indl. Dev.
Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., | | |
| $ 95 | | Ser. A, 7.00%,
5/01/25 | 05/15 @ 102 | $ 95,474 |
| 60 | | Ser. A, 7.00%,
5/01/35 | 05/15 @ 102 | 59,781 |
| 1,000 | | Albany Mun. Wtr.
Fin. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 12/01/33, MBIA | 06/08 @ 100 | 1,011,020 |
| | | City of New York,
Ad Valorem Ppty. Tax GO, | | |
| 990 | 2 | Ser. A, 6.00%,
5/15/10 | N/A | 1,065,547 |
| 10 | | Ser. A, 6.00%,
5/15/30 | 05/10 @ 101 | 10,656 |
| 1,000 | | Convention Ctr.
Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, Hotel Unit
Fee Secured Proj., 5.00%, 11/15/44, AMBAC | 11/15 @ 100 | 1,048,920 |
| | | Dorm. Auth., | | |
| 750 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Lutheran Med. Ctr. Proj., 5.00%, 8/01/31, MBIA | 02/13 @ 100 | 783,060 |
| 1,000 | | Hlth., Hosp.
& Nursing Home RB, Kateri Residence Proj., 5.00%, 7/01/22 | 07/13 @ 100 | 1,043,580 |
| 1,000 | | Hlth., Hosp.
& Nursing Home RB, Mount Sinai Hosp. Proj., Ser. A, 6.50%, 7/01/25 | 07/10 @ 101 | 1,069,210 |
| 1,005 | | Misc. RB, St.
Univ. Edl. Facs. Proj., 5.25%, 5/15/15, AMBAC | No Opt. Call | 1,087,420 |
| 1,000 | 2 | Univ. & Coll.
Impvts. RB, Univ. of Rochester Proj., Ser. B, 5.625%, 7/01/09 | N/A | 1,050,240 |
| 250 | | Essex Cnty. Indl.
Dev. Agcy., Indl. Impvts. RB, Intl. Paper Co. Proj., Ser. A, 4.60%, 12/01/30,
AMT | 12/11 @ 100 | 244,565 |
| 100 | | Genesee Cnty.
Indl.Dev. Agcy., Hlth., Hosp. & Nursing Home RB, United Mem. Med. Ctr.
Proj., 5.00%, 12/01/27 | 12/12 @ 100 | 99,360 |
| 150 | | Hsg. Fin. Agcy.,
St. Multi- Fam. Hsg. RB, Kensico Terrace Apts. Proj., Ser. B, 4.95%, 2/15/38,
AMT | 02/08 @ 100 | 150,161 |
| 175 | | Liberty Dev.
Corp. Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A,
6.125%, 2/15/19 | 02/16 @ 100 | 184,221 |
| 2,000 | | Madison Cnty.
Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Colgate Univ. Proj., Ser. B,
5.00%, 7/01/23 | 07/13 @ 100 | 2,100,460 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | New York(contd) | | |
| $ 250 | | Met. Transp.
Auth., Trans. RB, Ser. B, 4.50%, 11/15/36 | 11/16 @ 100 | $ 245,977 |
| 500 | | New York City
Hsg. Dev. Corp., Local or Gtd. Hsg. RB, Ser. J-2, 4.75%, 11/01/27, AMT | 05/17 @ 100 | 501,580 |
| 1,000 | | New York City
Hsg. Dev. Corp., St. Multi-Fam. Hsg. RB, Ser. A, 5.25%, 5/01/30 | 05/14 @ 100 | 1,042,790 |
| | | New York City
Indl. Dev. Agcy., | | |
| 500 | | Econ. Impvts. RB,
IAC/ Interactive Corp. Proj., 5.00%, 9/01/35 | 09/15 @ 100 | 516,870 |
| 950 | | Port, Arpt. &
Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,
7.625%, 8/01/25, AMT | 08/16 @ 101 | 1,144,493 |
| 300 | | Port, Arpt. &
Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,
7.75%, 8/01/31, AMT | 08/16 @ 101 | 362,037 |
| 500 | | Recreational Fac.
Impvts. RB, Yankee Stad. Pilot Proj., 5.00%, 3/01/36, MBIA | 09/16 @ 100 | 529,810 |
| 500 | | New York City
Indl. Dev. Agcy., Recreational Fac. Impvts. RB, Queens Baseball Stad. Proj.,
5.00%, 1/01/46, AMBAC | 01/17 @ 100 | 527,015 |
| | | New York City Mun. Wtr. Fin. Auth., | | |
| 1,000 | | Cash Flow Mgmt.
Wtr. RB, Ser. C, 5.125%, 6/15/33 | 06/11 @ 101 | 1,046,430 |
| 250 | | Wtr. RB, Ser. A,
4.25%, 6/15/33 | 06/17 @ 100 | 239,700 |
| 250 | | Wtr. RB, Ser. A,
4.25%, 6/15/39, FSA | 06/17 @ 100 | 238,567 |
| 1,000 | | Wtr. RB, Ser. B,
5.00%, 6/15/36, FSA | 12/14 @ 100 | 1,051,690 |
| 2,000 | 2 | New York City
Transl. Fin. Auth., Pub. Impvts. Sales Tax RB, Ser. B, 6.00%, 5/15/10 | N/A | 2,152,620 |
| 1,000 | | Port Auth. of New
York & New Jersey, Port, Arpt. & Marina Impvts. RB, Contl. Airlines
Proj., 9.125%, 12/01/15, AMT | 05/07 @ 100 | 1,042,750 |
| 250 | | Rochester Hsg.
Auth., Local Multi-Fam. Hsg. RB, Andrews Terrace LLC Proj., 4.70%, 12/20/38,
AMT | 12/16 @ 100 | 247,142 |
| 2,000 | | Sales Tax Asset
Receivables Corp., Pub. Impvts. Sales Tax RB, Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 @ 100 | 2,114,620 |

See Notes to Financial Statements.

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

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | New
York(contd) | | |
| $ 500 | | Schenectady Indl.
Dev. Agcy., Univ. & Coll. RB, Union Coll. Proj., 5.00%, 7/01/31 | 07/16 @ 100 | $ 529,955 |
| 115 | | Suffolk Cnty.
Indl. Dev. Agcy. Hlth., Hosp. & Nursing Home RB, Active Retirement Cmnty.
Proj., 5.00%, 11/01/28 | 11/16 @ 100 | 117,090 |
| 500 | | Syracuse Indl.
Dev. Agcy., Indl. Impvts. RB, Crousel Ctr. Proj., Ser. A, 5.00%, 1/01/36,
XLCA, AMT | 01/17 @ 100 | 522,190 |
| | | Triborough Brdg.
& Tunl. Auth., Hwy. Tolls RB, | | |
| 845 | 2 | Ser. A, 5.00%,
1/01/12, MBIA | N/A | 894,272 |
| 155 | | Ser. A, 5.00%,
1/01/32, MBIA | 01/12 @ 100 | 160,932 |
| | | | | 26,332,205 |
| | | Puerto Rico12.8% | | |
| 500 | | Childrens Trust
Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43 | 05/12 @ 100 | 526,330 |
| 315 | | Comnwlth., Pub.
Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34 | 07/14 @ 100 | 326,888 |
| 800 | | Indl. Tourist
Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB,
Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26 | 03/16 @ 100 | 835,976 |
| 745 | 2 | Pub. Fin. Corp.,
Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12 | N/A | 802,671 |
| | | | | 2,491,865 |
| | | Total
Long-Term Investments (cost $27,393,868) | | 28,824,070 |

Shares (000)		Description
		MONEY MARKET FUND0.5%
104	3,4	CMA New York Mun.
Money Fund, 3.32% (cost $104,404)	$ 104,404
		Total
Investments148.0% (cost
$27,498,272 5 )	$ 28,928,474
		Other assets in
excess of liabilities2.1%	414,764
		Preferred shares
at redemption value, including dividends payable(50.2)%	(9,801,020	)
		Net Assets Applicable to Common
Shareholders100%	$ 19,542,218

| KEY TO ABBREVIATIONS — AMBAC | | American Municipal Bond
Assurance Corp. |
| --- | --- | --- |
| AMT | | Subject to Alternative
Minimum Tax |
| FSA | | Financial Security
Assurance |
| GO | | General Obligation |
| MBIA | | Municipal Bond Insurance
Assoc. |
| RB | | Revenue Bond |
| XLCA | | XL Capital Assurance |

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited) APRIL 30, 2007

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | LONG-TERM INVESTMENTS154.0% | | |
| | | Multi-State10.9% | | |
| | | Charter Mac
Equity Issuer Trust, | | |
| $ 6,000 | 2 | Ser. A-2, 6.30%,
6/30/49 | 06/09 @ 100 | $ 6,222,900 |
| 5,500 | 2 | Ser. B-1, 6.80%,
11/30/50 | 11/10 @ 100 | 5,885,110 |
| | | MuniMae TE Bond
Subsidiary LLC, | | |
| 6,000 | 2 | Ser. A-1, 6.30%,
6/30/49 | 06/09 @ 100 | 6,215,340 |
| 3,000 | | Ser. B-1, 6.80%,
6/30/49 | 11/10 @ 100 | 3,206,190 |
| | | | | 21,529,540 |
| | | New York130.0% | | |
| | | Albany Indl. Dev.
Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., | | |
| 910 | | Ser. A, 7.00%,
5/01/25 | 05/15 @ 102 | 914,541 |
| 590 | | Ser. A, 7.00%,
5/01/35 | 05/15 @ 102 | 587,847 |
| | | City of New York,
Pub. Impvts. Ad Valorem Ppty. Tax GO, | | |
| 6,000 | 3 | Ser. C, 5.375%,
3/15/12 | N/A | 6,460,920 |
| 2,200 | 3 | Ser. D, 5.375%,
6/01/12 | N/A | 2,375,692 |
| 4,000 | | Ser. D, 5.375%,
6/01/32 | 06/12 @ 100 | 4,235,600 |
| 6,700 | | Cntys. Tobacco
Trust III, Misc. Tobacco Settlement Funded RB, 6.00%, 6/01/43 | 06/13 @ 100 | 7,211,478 |
| 8,000 | | Convention Ctr.
Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, Hotel Unit
Fee Secured Proj., 5.00%, 11/15/44, AMBAC | 11/15 @ 100 | 8,391,360 |
| | | Dorm. Auth., | | |
| 4,855 | | Hlth., Hosp.
& Nursing Home Impvts. RB, Mental Hlth. Svcs. Facs. Proj., 5.00%,
2/15/35, AMBAC | 02/15 @ 100 | 5,103,916 |
| 2,000 | | Hlth., Hosp.
& Nursing Home Impvts. RB, No. Shore Long Island Jewish Grp. Proj.,
5.375%, 5/01/23 | 05/13 @ 100 | 2,123,540 |
| 2,000 | | Hlth., Hosp.
& Nursing Home Impvts. RB, No. Shore Long Island Jewish Grp. Proj.,
5.50%, 5/01/33 | 05/13 @ 100 | 2,137,780 |
| 4,000 | | Hlth., Hosp.
& Nursing Home RB, Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26 | 07/08 @ 100 | 4,058,040 |
| 9,000 | | Univ. & Coll.
Impvts. RB, New Sch. Univ. Proj., 5.00%, 7/01/41, MBIA | 07/11 @ 100 | 9,247,950 |
| 5,000 | | Univ. & Coll.
Impvts. RB, New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC | 07/11 @ 100 | 5,137,750 |
| 3,500 | | Dutchess Cnty.
Indl. Dev. Agy., Coll. & Univ. RB, Bard Coll. Proj., Ser. A2, 4.50%,
8/01/36 | 08/17 @ 100 | 3,443,790 |
| 500 | | Genesee Cnty.
Indl.Dev. Agcy., Hlth., Hosp. & Nursing Home RB, United Mem. Med. Ctr.
Proj., 5.00%, 12/01/27 | 12/12 @ 100 | 496,800 |
| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| | | New
York(contd) | | |
| $ 850 | | Hsg. Fin. Agcy.,
St. Multi-Fam. Hsg. RB, Kensico Terrace Apts. Proj., Ser. B, 4.95%, 2/15/38,
AMT | 02/08 @ 100 | $ 850,910 |
| | | Hudson Yards
Infrastructure Corp., Trans. Impvts. Misc. RB, | | |
| 3,900 | | Ser. A, 4.50%,
2/15/47, MBIA | 02/17 @ 100 | 3,835,845 |
| 1,000 | | Ser. A, 5.00%,
2/15/47 | 02/17 @ 100 | 1,048,060 |
| | | Liberty Dev.
Corp., | | |
| 7,000 | | Indl. Impvts.
Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35 | No Opt. Call | 8,009,190 |
| 1,740 | | Recreational Fac.
Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19 | 02/16 @ 100 | 1,831,681 |
| | | Long Island Pwr.
Auth., Elec., Pwr. & Lt. RB, | | |
| 5,000 | | Ser. B, 5.00%,
12/01/35, CIFG-TCRS | 06/16 @ 100 | 5,283,900 |
| 5,000 | | Ser. B, 5.00%,
12/01/35 | 06/16 @ 100 | 5,264,600 |
| 2,000 | | Madison Cnty.
Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Colgate Univ. Proj., Ser. B,
5.00%, 7/01/33 | 07/13 @ 100 | 2,088,260 |
| | | Met. Transp.
Auth., | | |
| 12,000 | | Trans. RB, Ser.
A, 5.00%, 11/15/30 | 11/12 @ 100 | 12,452,040 |
| 12,000 | | Trans. RB, Ser.
A, 5.125%, 11/15/31 | 11/12 @ 100 | 12,561,600 |
| | | Mtg. Agcy., Local
or Gtd. Hsg. RB, | | |
| 5,915 | | Ser. 101,
5.40%, 4/01/32, AMT | 10/11 @ 100 | 6,077,308 |
| 15,500 | | Ser. A,
5.30%, 10/01/31, AMT | 04/11 @ 100 | 15,868,900 |
| | | New York City
Indl. Dev. Agcy., | | |
| 750 | | Cash Flow Mgmt.
Lease RB, Marymount Sch. Proj., 5.125%, 9/01/21, ACA | 09/11 @ 102 | 777,638 |
| 2,000 | | Cash Flow Mgmt.
Lease RB, Marymount Sch. Proj., 5.25%, 9/01/31, ACA | 09/11 @ 102 | 2,119,840 |
| 2,000 | | Econ. Impvts. RB,
IAC/ Interactive Corp. Proj., 5.00%, 9/01/35 | 09/15 @ 100 | 2,067,480 |
| 1,550 | | Indl. Impvts. RB,
Royal Charter Presbyterian Proj., 5.25%, 12/15/32, FSA | 12/11 @ 102 | 1,661,708 |
| 14,850 | | Port, Arpt. &
Marina Impvts. Lease RB, Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28, AMT | 07/11 @ 100 | 15,445,633 |
| 3,200 | | Port, Arpt. &
Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,
7.625%, 8/01/25, AMT | 08/16 @ 101 | 3,855,136 |
| 4,000 | | Port, Arpt. &
Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,
7.75%, 8/01/31, AMT | 08/16 @ 101 | 4,827,160 |

See Notes to Financial Statements.

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

(Percentages shown are based on Net Assets)

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | New York(contd) | | |
| $ 4,500 | | Recreational Fac.
Impvts. RB, Yankee Stad. Pilot Proj., 5.00%, 3/01/36, MBIA | 09/16 @ 100 | $ 4,768,290 |
| | | New York City
Mun. Wtr. Fin. Auth., | | |
| 4,000 | | Cash Flow Mgmt.
Wtr. RB, Ser. A, 5.00%, 6/15/32, FGIC | 06/11 @ 100 | 4,124,440 |
| 3,200 | | Wtr. RB, Ser. A,
4.25%, 6/15/39, FSA | 06/17 @ 100 | 3,053,664 |
| 6,500 | | Wtr. RB, Ser. C,
5.00%, 6/15/32 | 06/11 @ 100 | 6,722,105 |
| 5,000 | | Wtr. RB, Ser. D,
5.00%, 6/15/39 | 06/15 @ 100 | 5,240,800 |
| 1,500 | | Wtr. Util.
Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38 | 06/16 @ 100 | 1,579,650 |
| 2,750 | | New York City
Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys., Wtr. Swr. RB, Second Gen.
Resolution Proj., Ser. A, 4.50%, 6/15/37, MBIA | 06/16 @ 100 | 2,749,862 |
| | | New York City
Transl. Fin. Auth., Pub. Impvts. Income Tax RB, | | |
| 1,495 | 3 | 5.00%, 5/01/09 | N/A | 1,548,715 |
| 1,025 | | 5.00%, 5/01/29 | 05/09 @ 101 | 1,051,219 |
| | | Port Auth. of New
York & New Jersey, Port, Arpt. & Marina Impvts. RB, | | |
| 9,250 | | Contl. Airlines
Proj., 9.125%, 12/01/15, AMT | 05/07 @ 100 | 9,645,437 |
| 13,000 | | JFK Intl. Air
Term. LLC Proj., 5.75%, 12/01/22, MBIA, AMT | 12/07 @ 102 | 13,392,470 |
| 2,500 | | Rensselaer
Tobacco Sec. Corp., Misc. Tobacco Settlement Funded RB, Ser. A, 5.75%,
6/01/43 | 06/12 @ 100 | 2,626,875 |
| 5,000 | | Rockland Tobacco
Asset Sec. Corp., Misc. Tobacco Settlement Funded RB, 5.75%, 8/15/43 | 08/12 @ 100 | 5,262,400 |
| 1,000 | | State of New
York, Rec. Recovery Impvts. GO., Ser. A, 4.125%, 3/01/37, FGIC | 03/17 @ 100 | 939,490 |
| | | Suffolk Cnty.
Indl. Dev. Agcy., | | |
| 1,175 | | Hlth., Hosp.
& Nursing Home RB, Active Retirement Cmnty. Proj., 5.00%, 11/01/28 | 11/16 @ 100 | 1,196,350 |
| 7,000 | | Indl. Impvts. RB,
Keyspan-Port Jefferson Proj., 5.25%, 6/01/27, AMT | 06/13 @ 100 | 7,344,890 |
| | | TSASC, Inc., | | |
| 8,000 | 3 | Cash Flow Mgmt.
Tobacco Settlement Funded RB, Ser. 1, 6.375%, 7/15/09 | N/A | 8,528,320 |
| 5,000 | 3 | Rec. Recovery
Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, 7/15/12 | N/A | 5,476,250 |
| 2,500 | | Westchester Cnty.
Indl. Dev. Agcy., Private Primary Schs. RB, Winward Sch. Civic Fac. Proj.,
5.25%, 10/01/31, RAA | 10/11 @ 100 | 2,598,650 |

| Principal Amount (000) | | Description | Option
Call Provisions 1 | Value |
| --- | --- | --- | --- | --- |
| | | New
York(contd) | | |
| $ 2,000 | 3 | Westchester
Tobacco Asset Sec., Cash Flow Mgmt. Tobacco Settlement Funded RB, 6.75%,
7/15/10 | N/A | $ 2,201,860 |
| | | | | 257,905,630 |
| | | Puerto Rico13.1% | | |
| 4,060 | | Childrens Trust Fund, Tobacco Settlement Funded RB,
5.625%, 5/15/43 | 05/12 @ 100 | 4,273,799 |
| | | Pub. Bldgs. Auth., Pub. Impvts. Lease RB, | | |
| 4,400 | 3 | Ser. D, 5.25%,
7/01/12 | N/A | 4,720,144 |
| 1,600 | | Ser. D, 5.25%,
7/01/36 | 07/12 @ 100 | 1,673,456 |
| | | Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, | | |
| 7,475 | 3 | Ser. E, 5.50%,
2/01/12 | N/A | 8,053,640 |
| 7,000 | 3 | Ser. E, 5.70%,
2/01/10 | N/A | 7,362,740 |
| | | | | 26,083,779 |
| | | Total Long-Term Investments (cost $290,455,926) | | |
| | | | | 305,518,949 |

Shares (000)
		MONEY MARKET FUNDS0.6%
1,222	4,5	CMA New York Mun.
Money Fund, 3.32% (cost $1,221,838)	N/A	1,221,838
		Total
Investments154.6% (cost $291,677,764 6 )	$	306,740,787
		Other assets in
excess of liabilities0.7%		1,394,927
		Preferred shares
at redemption value, including dividends payable(55.3)%		(109,782,310	)
		Net
Assets Applicable to Common Shareholders100%	$	198,353,404

| 1 | Date (month/year) and price
of the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. |
| --- | --- |
| 2 | Security is not registered
under the Securities Act of 1933. These securities may be resold in
transactions in accordance with Rule 144A under that Act, to qualified
institutional buyers. As of April 30, 2007, the Trust held 9.2% of its net
assets, with a current market value of $18,323,350, in securities restricted
as to resale. |
| 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 | Represents an investment in
an affiliate. |
| 5 | Represents current yield as
of April 30, 2007. |
| 6 | Cost for federal income tax
purposes is $291,678,444. The net unrealized appreciation on a tax basis is
$15,062,343, consisting of $15,232,631 gross unrealized appreciation and
$170,288 gross unrealized depreciation. |

KEY TO ABBREVIATIONS — ACA		American Capital Access
AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
CIFG-TCRS		CDC IXIS Financial Guaranty
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance
GO		General Obligation
MBIA		Municipal Bond Insurance Assoc.
RAA		Radian Asset Assurance
RB		Revenue Bond

See Notes to Financial Statements.

| STATEMENTS OF ASSETS AND
LIABILITIES (unaudited) |
| --- |
| April 30, 2007 |

	Investment Quality Municipal Trust (BKN)
Assets
Investments at value, unaffliliated 1	$ 404,389,069	$	1,035,789,484	$	359,112,595
Investments at value, affliliated 2	4,300,000		12,600,000		7,500,000
Investments in affiliates	95,215		139,904		530
Cash					16,503
Receivable from investments sold	445,000		580,000		410,000
Interest receivable	5,690,155		15,497,932		5,272,008
Prepaid expenses					82,125
Unrealized appreciation on interest rate swaps	276,989		775,442		29,770
Other assets	10,839		32,919		5,121
	415,207,267		1,065,415,681		372,428,652
Liabilities
Payable to custodian	125,789		629,036
Payable for investments purchased	5,953,323		13,831,849		1,499,463
Unrealized depreciation on forward starting swaps	118,200		460,488
Trust Certificates 3					170,860,000
Interest expense					2,083,596
Cash received from brokers as collateral	500,000
Dividends payable common shares	1,420,102		3,630,383		733,983
Investment advisory fee payable	118,863		347,681		98,490
Administration fee payable	49,495
Deferred Trustees fees	95,215		139,904		530
Payable to affiliates	43,213		54,936		4,745
Other accrued expenses	158,137		268,673		185,608
	8,582,337		19,362,950		175,466,415
Preferred Shares at Redemption Value
$0.001 par value per share, $25,000 liquidation value per share,
including dividends payable 4	146,682,337		375,307,169
Net Assets Applicable to Common Shareholders	$ 259,942,593	$	670,745,562	$	196,962,237
Composition of Net Assets Applicable to Common
Shareholders:
Par value 5	$ 167,071	$	43,938	$	13,345
Paid-in capital in excess of par	231,766,743		624,101,120		190,776,233
Undistributed (distributions in excess of) net investment
income	6,446,406		11,913,897		(948,014	)
Accumulated net realized gain (loss)	(1,665,752	)	(34,137,731	)	1,331,562
Net unrealized appreciation	23,228,125		68,824,338		5,789,111
Net assets applicable to common shareholders, April 30,
2007	$ 259,942,593	$	670,745,562	$	196,962,237
Net asset value per common share 6	$ 15.56	$	15.27	$	14.76
1 Investments at cost,
unaffiliated	$ 381,319,733	$	967,280,100	$	353,353,254
2 Investments at cost,
affiliated	$ 4,300,000	$	12,600,000	$	7,500,000
3 See Note 2 in the Notes to
Financials
4 Preferred shares
outstanding	5,862		15,005
5 Par value per share	$ 0.01	$	0.001	$	0.001
6 Common shares outstanding	16,707,093		43,938,061		13,345,152

See Notes to Financial Statements.

	California Investment Quality Municipal Trust (RAA)					Florida Municipal Income Trust (BBF)
Assets
Investments at value, unaffliliated 1	$ 20,646,827	$	349,275,250	$	24,191,039	$ 157,736,930	$	21,483,427
Investments at value, affliliated 2	1,006,851		13,173,408		101,127	2,517,166		1,100,994
Investments in affiliates	20,350		52,360		20,340	19,327		22,309
Cash	78,029				89,607	63,553
Receivable from investments sold					35,000	230,000
Interest receivable	322,762		5,396,023		299,995	2,313,149		365,362
Prepaid expenses
Unrealized appreciation on interest rate swaps			152,315		7,625	17,367
Other assets	1,912		9,978		1,977	4,284		1,909
	22,076,731		368,059,334		24,746,710	162,901,776		22,974,001
Liabilities
Payable to custodian			260,947					4,582
Payable for investments purchased					303,396	1,118,678		946,833
Unrealized depreciation on forward starting swaps						27,489
Trust Certificates 3
Interest expense
Cash received from brokers as collateral
Dividends payable common shares	48,340		1,145,738		54,101	502,910		68,482
Investment advisory fee payable	6,753		115,830		6,871	51,253		6,148
Administration fee payable	2,904				3,279			2,919
Deferred Trustees fees	20,350		52,360		20,340	19,327		22,309
Payable to affiliates	6,950		30,263		3,784	13,619		5,899
Other accrued expenses	35,557		173,345		39,752	91,960		22,048
	120,854		1,778,483		431,523	1,825,236		1,079,220
Preferred Shares at Redemption Value
$0.001 par value per share, $25,000 liquidation value per share,
including dividends payable 4	7,503,288		132,019,232		8,503,680	57,584,057		7,504,562
Net Assets Applicable to Common Shareholders	$ 14,452,589	$	234,261,619	$	15,811,507	$ 103,492,483	$	14,390,219
Composition of Net Assets Applicable to Common
Shareholders:
Par value 5	$ 10,071	$	15,061	$	11,271	$ 6,672	$	10,071
Paid-in capital in excess of par	13,392,714		213,823,732		15,001,008	94,662,411		13,079,455
Undistributed (distributions in excess of) net investment
income	(6,837	)	5,066,268		24,802	1,766,705		300,908
Accumulated net realized gain (loss)	128,754		(8,232,190	)	19,024	(1,344,963	)	92,991
Net unrealized appreciation	927,887		23,588,748		755,402	8,401,658		906,794
Net assets applicable to common shareholders, April 30,
2007	$ 14,452,589	$	234,261,619	$	15,811,507	$ 103,492,483	$	14,390,219
Net asset value per common share 6	$ 14.35	$	15.55	$	14.03	$ 15.51	$	14.29
1 Investments at cost,
unaffiliated	$ 19,718,940	$	325,838,817	$	23,443,262	$ 149,325,150	$	20,576,633
2 Investments at cost,
affiliated	$ 1,006,851	$	13,173,408	$	101,127	$ 2,517,166	$	1,100,994
3 See Note 2 in the Notes to
Financials
4 Preferred shares
outstanding	300		5,278		340	2,302		300
5 Par value per share	$ 0.01	$	0.001	$	0.01	$ 0.001	$	0.01
6 Common shares outstanding	1,007,093		15,060,847		1,127,093	6,672,121		1,007,093

STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (continued) April 30, 2007

	New Jersey Municipal Income Trust (BNJ)			New York Municipal Income Trust (BNY)
Assets
Investments at value, unaffiliated 1	$ 179,552,126	$	28,824,070	$ 305,518,949
Investments at value, affiliated 2	4,604,631		104,404	1,221,838
Investments in affiliates	22,975		20,301	44,792
Cash			62,700
Receivable from investments sold	85,000			1,035,773
Interest receivable	2,882,784		490,409	5,146,008
Unrealized appreciation on interest rate swaps	20,625			122,142
Other assets	5,435		2,109	8,149
	187,173,576		29,503,993	313,097,651
Liabilities
Payable to custodian	230,774			319,608
Payable for investments purchased	1,048,670			3,389,155
Dividends payable common shares	595,607		91,497	949,774
Investment advisory fee payable	60,188		8,202	100,201
Administration fee payable			3,878
Deferred Trustees fees	22,975		20,301	44,792
Payable to affiliates	16,202		4,359	23,569
Other accrued expenses	84,185		32,518	134,838
	2,058,601		160,755	4,961,937
Preferred Shares at Redemption Value
$0.001 par value per share, $25,000 liquidation value per share,
including dividends payable 3	63,826,570		9,801,020	109,782,310
Net Assets Applicable to Common Shareholders	$ 121,288,405	$	19,542,218	$ 198,353,404
Composition of Net Assets Applicable to Common
Shareholders:
Par value 4	$ 7,480	$	13,071	$ 12,607
Paid-in capital in excess of par	106,257,131		17,651,717	178,980,198
Undistributed net investment income	3,115,027		256,894	4,989,357
Accumulated net realized gain (loss)	(453,362	)	190,334	(813,923	)
Net unrealized appreciation	12,362,129		1,430,202	15,185,165
Net assets applicable to common shareholders, April
30, 2007	$ 121,288,405	$	19,542,218	$ 198,353,404
Net asset value per common share 5	$ 16.21	$	14.95	$ 15.73
1 Investments at cost,
unaffiliated	$ 167,210,622	$	27,393,868	$ 290,455,926
2 Investments at cost,
affiliated	$ 4,604,631	$	104,404	$ 1,221,838
3 Preferred shares
outstanding	2,552		392	4,390
4 Par value per share	$ 0.001	$	0.010	$ 0.001
5 Common shares outstanding	7,480,159		1,307,093	12,606,676

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (unaudited) For the six months ended April 30, 2007

	Investment Quality Municipal Trust (BKN)
Investment Income
Interest income	$ 10,426,752	$	27,314,870	$	8,569,572
Affiliated income	39,535		83,108		2,847
Income from affiliates	2,745		2,801		337
Total investment income	10,469,032		27,400,779		8,572,756
Expenses
Investment advisory	709,332		3,120,169		981,939
Administration	302,314
Transfer agent	7,457		7,455		6,294
Custodian	50,897		79,165		9,535
Reports to shareholders	26,635		63,153		18,453
Directors/Trustees	8,899		12,853		6,629
Registration	4,702		4,668		4,092
Independent accountants	19,734		22,167		19,766
Legal	24,167		50,213		7,303
Officers fees	2,117		5,369		1,406
Insurance	12,820		32,678		6,056
Auction agent	188,157		476,413
Deferred Trustees fees	2,745		2,801		337
Remarketing and liquidity fees					179,995
Miscellaneous	23,439		43,549		12,841
Total expenses excluding interest expense	1,383,415		3,920,653		1,254,646
Interest expense	1,364				3,189,819
Total expenses	1,384,779		3,920,653		4,444,465
Less Advisory fees waived			(1,040,056	)	(392,776	)
Less fees waived by Advisor	(562	)	(1,124	)	(423	)
Less fees paid indirectly	(8,367	)	(9,787	)	(9,236	)
Net expenses	1,375,850		2,869,686		4,042,030
Net investment income	9,093,182		24,531,093		4,530,726
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments	(702,865	)	(2,381,499	)	1,797,711
Swaps	149,602		569,911		(201,320	)
	(553,263	)	(1,811,588	)	1,596,391
Net change in unrealized appreciation/depreciation
on:
Investments	(2,650,438	)	(4,541,274	)	(2,739,031	)
Swaps	1,458,395		5,258,589		29,770
	(1,192,043	)	717,315		(2,709,261	)
Net loss	(1,745,306	)	(1,094,273	)	(1,112,870	)
Dividends from Net Investment Income to Preferred
Shareholders
Net investment income	(2,545,725	)	(6,510,493	)
Net realized gains			(18,029	)
Total dividends and distributions	(2,545,725	)	(6,528,522	)
Net Increase in Net Assets Applicable to Common
Shareholders Resulting from Operations	$ 4,802,151	$	16,908,298	$	3,417,856

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (unaudited) (continued) For the six months ended April 30, 2007

	California Investment Quality Municipal Trust (RAA)
Investment
Income
Interest income	$ 507,624	$	9,141,153	$	574,323
Affiliated income	6,933		46,302		921
Income from affiliates	179		1,358		317
Total investment income	514,736		9,188,813		575,561
Expenses
Investment advisory	38,248		1,092,918		42,385
Administration	10,928				12,110
Transfer agent	6,314		6,580		4,505
Custodian	13,862		41,424		10,256
Reports to shareholders	2,708		17,716		3,106
Directors/Trustees	1,721		7,966		1,726
Registration	189		523		211
Independent accountants	12,455		19,518		12,468
Legal	2,843		19,435		2,862
Officers fees	117		1,892		129
Insurance	690		11,479		764
Auction agent	11,922		167,514		13,161
Deferred Trustees fees	179		1,358		317
Miscellaneous	7,512		21,446		7,602
Total expenses excluding interest expense	109,688		1,409,769		111,602
Interest expense			1,206
Total expenses	109,688		1,410,975		111,602
Less Advisory fees waived			(364,306	)
Less fees waived by Advisor	(456	)	(4,276	)	(175	)
Less fees paid indirectly	(9,932	)	(16,215	)	(6,093	)
Net expenses	99,300		1,026,178		105,334
Net investment income	415,436		8,162,635		470,227
Realized
and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments	107,023		(365,134	)	19,024
Swaps	21,731
	128,754		(365,134	)	19,024
Net change in unrealized appreciation/depreciation on:
Investments	(216,579	)	(3,507,833	)	(168,628	)
Swaps			2,004,957		7,625
	(216,579	)	(1,502,876	)	(161,003	)
Net loss	(87,825	)	(1,868,010	)	(141,979	)
Dividends from Net Investment Income to Preferred
Shareholders
Net investment income	(108,874	)	(2,222,117	)	(123,846	)
Net realized gains	(16,752	)			(42,977	)
Total dividends and
distributions	(125,626	)	(2,222,117	)	(166,823	)
Net Increase in Net Assets Applicable to Common Shareholders
Resulting from Operations	$ 201,985	$	4,072,508	$	161,425

See Notes to Financial Statements.

	Florida Municipal Income Trust (BBF)
Investment
Income
Interest income	$ 4,087,683	$	548,242	$	4,852,327	$	732,957	$	7,982,045
Affiliated income	11,862		389		5,004		4,184		17,465
Income from affiliates	362		400		298		312		1,015
Total investment income	4,099,907		549,031		4,857,629		737,453		8,000,525
Expenses
Investment advisory	481,125		38,137		551,893		51,204		919,098
Administration			10,896				14,631
Transfer agent	6,282		4,406		6,437		4,482		6,679
Custodian	28,036		12,861		29,640		12,866		31,033
Reports to shareholders	10,036		3,172		12,332		3,576		20,726
Directors/Trustees	3,531		1,718		4,106		1,740		6,728
Registration	3,474		189		3,769		245		1,113
Independent accountants	18,722		12,457		18,818		12,490		19,301
Legal	9,649		2,846		9,763		2,889		19,161
Officers fees	845		118		980		159		1,604
Insurance	5,066		688		5,783		921		9,637
Auction agent	71,499		11,922		81,327		14,665		136,276
Deferred Trustees fees	362		400		298		312		1,015
Miscellaneous	14,542		7,517		15,254		7,686		19,410
Total expenses excluding interest expense	653,169		107,327		740,400		127,866		1,191,781
Interest expense
Total expenses	653,169		107,327		740,400		127,866		1,191,781
Less Advisory fees waived	(160,946	)			(183,964	)			(306,339	)
Less fees waived by Advisor	(2,843	)	(204	)	(779	)	(556	)	(3,164	)
Less fees paid indirectly	(10,729	)	(10,182	)	(10,762	)	(8,703	)	(10,229	)
Net expenses	478,651		96,941		544,895		118,607		872,049
Net investment income	3,621,256		452,090		4,312,734		618,846		7,128,476
Realized
and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments	(548,644	)	92,991		156,696		190,334		(616,779	)
Swaps
	(548,644	)	92,991		156,696		190,334		(616,779	)
Net change in unrealized appreciation/depreciation on:
Investments	(830,514	)	(149,776	)	(1,733,137	)	(359,088	)	(2,224,260	)
Swaps	684,514				865,525				1,318,154
	(146,000	)	(149,776	)	(867,612	)	(359,088	)	(906,106	)
Net loss	(694,644	)	(56,785	)	(710,916	)	(168,754	)	(1,522,885	)
Dividends from Net Investment Income to Preferred
Shareholders
Net investment income	(1,009,207	)	(105,957	)	(1,068,880	)	(155,139	)	(1,733,131	)
Net realized gains			(17,621	)			(8,495	)
Total dividends and
distributions	(1,009,207	)	(123,578	)	(1,068,880	)	(163,634	)	(1,733,131	)
Net Increase in Net Assets Applicable to Common
Shareholders Resulting from Operations	$ 1,917,405	$	271,727	$	2,532,938	$	286,458	$	3,872,460

STATEMENT OF CASH FLOWS (unaudited)
For the six months ended April 30,
2007

	Long-Term Municipal Advantage Trust (BTA)
Net Increase in Net Assets Resulting from Operations
to Net Cash Used for Operating Activities
Net increase in net assets resulting from operations	$ 3,417,856
Purchases of long-term investments	(82,509,101	)
Proceeds from sales of long-term investments	95,677,599
Net purchases of short-term investments	(6,759,000	)
Amortization of premium and discount on investments	92,808
Net realized gain on investments	(1,797,711	)
Decrease in unrealized appreciation/depreciation on
investments	2,739,031
Increase in unrealized appreciation on swaps	(29,770	)
Increase in investments in affiliates	(337	)
Decrease in interest receivable	6,386
Decrease in prepaid expense	6,126
Decrease in other assets	6,057
Decrease in interest payable	(58,423	)
Decrease in investment advisory fee payable	(196	)
Increase in deferred Trustees fees	337
Decrease in payable to affiliates	(310	)
Decrease in other accrued expenses	(50,465	)
Total adjustments	7,323,031
Net cash provided by operating activities	10,740,887
Cash from financing activities:
Capital contributions	538,721
Proceeds from and repayments of trust
certificates	(6,485,000	)
Cash dividends paid	(5,311,511	)
Net cash provided by financing activities	(11,257,790	)
Net decrease in cash	(516,903	)
Cash at beginning of period	533,406
Cash at end of period	$ 16,503
Cash paid for interest	$ 3,248,242

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended April 30,
2007 (unaudited) and the year ended October 31, 2006

	Investment Quality Municipal Trust (BKN) — 2007	2006		2007		2006
Increase (Decrease) in Net Assets Applicable to
Common Shareholders
Operations:
Net investment income	$ 9,093,182	$	18,419,051	$	24,531,093	$	50,095,286
Net realized gain (loss)	(553,263	)	607,295		(1,811,588	)	1,390,886
Net change in unrealized
appreciation/depreciation	(1,192,043	)	6,751,110		717,315		33,062,215
Dividends and distributions to preferred
shareholders from:
Net investment income	(2,545,725	)	(4,700,264	)	(6,510,493	)	(12,001,964	)
Net realized gains					(18,029	)
Net increase in net assets applicable to common shareholders
resulting
from operations	4,802,151		21,077,192		16,908,298		72,546,423
Dividends and Distributions to Common Shareholders
from:
Net investment income	(8,737,810	)	(17,692,813	)	(21,762,759	)	(43,385,755	)
Net realized gains					(57,432	)
Total dividends and distributions	(8,737,810	)	(17,692,813	)	(21,820,191	)	(43,385,755	)
Capital Share Transactions:
Reinvestment of common dividends					1,577,866		2,871,527
Total increase (decrease)	(3,935,659	)	3,384,379		(3,334,027	)	32,032,195
Net Assets Applicable to Common Shareholders
Beginning of period	263,878,252		260,493,873		674,079,589		642,047,394
End of period	$ 259,942,593	$	263,878,252	$	670,745,562	$	674,079,589
End of period undistributed net investment income	$ 6,446,406	$	8,636,759	$	11,913,897	$	15,656,056

See Notes to Financial Statements.

| STATEMENTS OF CHANGES IN NET ASSETS
(continued) |
| --- |
| For the six months ended April 30,
2007 (unaudited) and the year ended October 30, 2006 |

	BlackRock Long-Term Municipal Advantage Trust (BTA) — 2007		2006 1		California Investment Quality Municipal Trust (RAA) — 2006		2005
Increase (Decrease) in Net Assets Applicable to
Common Shareholders
Operations:
Net investment income	$ 4,530,726		$ 6,007,001		$ 415,436		$ 877,154
Net realized gain (loss)	1,596,391		(264,829	)	128,754		78,405
Net change in unrealized
appreciation/depreciation	(2,709,261	)	8,498,372		(216,579	)	430,243
Dividends and distributions to preferred
shareholders from:
Net investment income					(108,874	)	(215,916	)
Net realized gains					(16,752	)
Net increase in net assets applicable to common shareholders
resulting
from operations	3,417,856		14,240,544		201,985		1,169,886
Dividends and Distributions to Common Shareholders
from:
Net investment income	(5,131,464	)	(6,393,277	)	(312,803	)	(853,209	)
Net realized gains					(51,877	)
Total dividends and distributions	(5,131,464	)	(6,393,277	)	(364,680	)	(853,209	)
Capital Share Transactions:
Net proceeds from the issuance of common
shares			186,584,810
Net proceeds from the underwriters
over-allotment option exercised			3,216,375
Reinvestment of common dividends	538,721		488,672
Net proceeds from capital share transactions	538,721		190,289,857
Total increase (decrease)	(1,174,887	)	198,137,124		(162,695	)	316,677
Net Assets Applicable to Common Shareholders
Beginning of period	198,137,124				14,615,284		14,298,607
End of period	$ 196,962,237		$ 198,137,124		$ 14,452,589		$ 14,615,284
End of period undistributed (distribution in excess of) net investment
income	$ (948,014	)	$ (347,276	)	$ (6,837	)	$ (596	)

1 Commencement of investment operations for Long-Term Municipal Advantage was February 28, 2006. This information includes the initial investment by BlackRock Funding, Inc.

See Notes to Financial Statements.

	California Municipal Income Trust (BFZ) — 2007	2006		2007		2006		2007		2006
Increase (Decrease) in Net Assets Applicable to
Common Shareholders
Operations:
Net investment income	$ 8,162,635	$	16,761,247	$	470,227	$	923,461	$	3,621,256	$	7,369,362
Net realized gain (loss)	(365,134	)	2,216,392		19,024		265,765		(548,644	)	1,156,069
Net change in unrealized
appreciation/depreciation	(1,502,876	)	7,064,059		(161,003	)	186,488		(146,000	)	591,321
Dividends and distributions to preferred
shareholders from:
Net investment income	(2,222,117	)	(3,954,681	)	(123,846	)	(236,669	)	(1,009,207	)	(1,810,602	)
Net realized gains					(42,977	)	(54,375	)
Net increase in net assets applicable to common shareholders
resulting
from operations	4,072,508		22,087,017		161,425		1,084,670		1,917,405		7,306,150
Dividends and Distributions to Common Shareholders
from:
Net investment income	(6,869,225	)	(13,697,832	)	(350,279	)	(957,322	)	(3,015,862	)	(6,019,766	)
Net realized gains					(53,470	)	(287,688	)
Total dividends and distributions	(6,869,225	)	(13,697,832	)	(403,749	)	(1,245,010	)	(3,015,862	)	(6,019,766	)
Capital Share Transactions:
Net proceeds from the issuance of common
shares
Net proceeds from the underwriters
over-allotment option exercised
Reinvestment of common dividends	485,625		711,184						139,929		221,091
Net proceeds from capital share transactions	485,625		711,184						139,929		221,091
Total increase (decrease)	(2,311,092	)	9,100,369		(242,324	)	(160,340	)	(958,528	)	1,507,475
Net Assets Applicable to Common Shareholders
Beginning of period	236,572,711		227,472,342		16,053,831		16,214,171		104,451,011		102,943,536
End of period	$ 234,261,619	$	236,572,711	$	15,811,507	$	16,053,831	$	103,492,483	$	104,451,011
End of period undistributed (distribution in excess of) net investment
income	$ 5,066,268	$	5,994,975	$	24,802	$	28,700	$	1,766,705	$	2,170,518

| STATEMENTS OF CHANGES IN NET ASSETS
(continued) |
| --- |
| For the six months ended April 30,
2007 (unaudited) and the year ended October 31, 2006 |

	New Jersey Investment Quality Municipal Trust (RNJ) — 2007	2006		2007		2006
Increase (Decrease) in Net Assets Applicable to
Common Shareholders
Operations:
Net investment income	$ 452,090	$	856,791	$	4,312,734	$	8,743,414
Net realized gain	92,991		120,175		156,696		1,477,938
Net change in unrealized appreciation/depreciation	(149,776	)	222,494		(867,612	)	2,392,840
Dividends and distributions to preferred shareholders
from:
Net investment income	(105,957	)	(204,250	)	(1,068,880	)	(1,946,877	)
Net realized gains	(17,621	)	(25,877	)
Net increase in net assets applicable to common shareholders
resulting
from operations	271,727		969,333		2,532,938		10,667,315
Dividends and Distributions to Common Shareholders
from:
Net investment income	(419,454	)	(847,505	)	(3,569,616	)	(7,110,417	)
Net realized gains	(38,111	)	(126,529	)
Total dividends and distributions	(457,565	)	(974,034	)	(3,569,616	)	(7,110,417	)
Capital Share Transactions:
Reinvestment of common dividends					338,085		690,656
Total increase (decrease)	(185,838	)	(4,701	)	(698,593	)	4,247,554
Net Assets Applicable to Common Shareholders
Beginning of period	14,576,057		14,580,758		121,986,998		117,739,444
End of period	$ 14,390,219	$	14,576,057	$	121,288,405	$	121,986,998
End of period undistributed net investment income	$ 300,908	$	374,229	$	3,115,027	$	3,440,789

See Notes to Financial Statements.

	New York Investment Quality Municipal Trust (RNY) — 2007	2006		2007		2006
Increase (Decrease) in Net Assets Applicable to
Common Shareholders
Operations:
Net investment income	$ 618,846	$	1,265,857	$	7,128,476	$	14,267,470
Net realized gain	190,334		87,630		(616,779	)	1,763,256
Net change in unrealized appreciation/depreciation	(359,088	)	395,405		(906,106	)	4,045,210
Dividends and distributions to preferred shareholders
from:
Net investment income	(155,139	)	(276,400	)	(1,733,131	)	(3,294,504	)
Net realized gains	(8,495	)	(20,219	)
Net increase in net assets applicable to common shareholders
resulting
from operations	286,458		1,452,273		3,872,460		16,781,432
Dividends and Distributions to Common Shareholders
from:
Net investment income	(565,318	)	(1,146,975	)	(5,693,778	)	(11,347,915	)
Net realized gains	(17,872	)	(109,330	)
Total dividends and distributions	(583,190	)	(1,256,305	)	(5,693,778	)	(11,347,915	)
Capital Share Transactions:
Reinvestment of common dividends					457,543		826,411
Total increase (decrease)	(296,732	)	195,968		(1,363,775	)	6,259,928
Net Assets Applicable to Common Shareholders
Beginning of period	19,838,950		19,642,982		199,717,179		193,457,251
End of period	$ 19,542,218	$	19,838,950	$	198,353,404	$	199,717,179
End of period undistributed net investment income	$ 256,894	$	358,505	$	4,989,357	$	5,287,790

FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 15.79	$	15.59	$	15.71	$	15.28	$	15.19	$	15.19
Investment operations:
Net investment income	0.54		1.10		1.14		1.17		1.16		1.20
Net realized and unrealized gain (loss)	(0.10	)	0.44		(0.11	)	0.26		(0.09	)	(0.26	)
Dividends to preferred shareholders from net
investment income	(0.15	)	(0.28	)	(0.19	)	(0.09	)	(0.09	)	(0.13	)
Net increase from investment operations	0.29		1.26		0.84		1.34		0.98		0.81
Dividends to common shareholders from net investment
income	(0.52	)	(1.06	)	(0.96	)	(0.91	)	(0.89	)	(0.81	)
Net asset value, end of period	$ 15.56	$	15.79	$	15.59	$	15.71	$	15.28	$	15.19
Market price, end of period	$ 18.98	$	18.97	$	16.62	$	15.12	$	14.26	$	13.48
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.33	%	7.38	%	5.34	%	9.48	%	7.14	%	6.40	%
At market value	2.88	%	21.06	%	16.68	%	12.91	%	12.67	%	4.14	%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	1.06	% 4	1.09	%	1.08	%	1.08	%	1.10	%	1.09	%
Expenses after fees waived and before fees paid indirectly	1.06	% 4	1.09	%	1.08	%	1.08	%	1.10	%	1.09	%
Expenses before fees waived and paid indirectly	1.06	% 4	1.09	%	1.08	%	1.08	%	1.10	%	1.09	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	7.00	% 4	7.09	%	7.21	%	7.59	%	7.62	%	7.93	%
Preferred share dividends	1.96	% 4	1.81	%	1.17	%	0.60	%	0.59	%	0.83	%
Net investment income available to common shareholders	5.04	% 4	5.28	%	6.04	%	6.99	%	7.03	%	7.10	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 262,142	$	259,862	$	264,490	$	259,470	$	254,890	$	251,428
Portfolio turnover	8	%	82	%	77	%	52	%	36	%	19	%
Net assets applicable to common shareholders, end of period
(000)	$ 259,943	$	263,878	$	260,494	$	262,475	$	255,315	$	253,710
Preferred shares value outstanding, end of period (000)	$ 146,550	$	146,550	$	146,550	$	146,550	$	146,550	$	146,550
Asset coverage per preferred share, end of period	$ 69,366	$	70,054	$	69,465	$	69,790	$	68,561	$	68,292

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 Trusts common shares.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust (BFK)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 15.37	$	14.71	$	14.26	$	13.87	$	13.33	$	14.30
Investment operations:
Net investment income	0.56		1.14		1.18		1.19		1.23		1.20
Net realized and unrealized gain (loss)	(0.01	)	0.78		0.43		0.26		0.35		(1.11	)
Dividends and distributions to preferred
shareholders from:
Net investment income	(0.15	)	(0.27	)	(0.18	)	(0.09	)	(0.09	)	(0.13	)
Net realized gains		1
Net increase (decrease) from investment operations	0.40		1.65		1.43		1.36		1.49		(0.04	)
Dividends and distributions to common shareholders from:
Net investment income	(0.50	)	(0.99	)	(0.98	)	(0.97	)	(0.95	)	(0.93	)
Net realized gains		1
Total dividends and distributions	(0.50	)	(0.99	)	(0.98	)	(0.97	)	(0.95	)	(0.93	)
Net asset value, end of period	$ 15.27	$	15.37	$	14.71	$	14.26	$	13.87	$	13.33
Market price, end of period	$ 18.68	$	17.30	$	15.69	$	14.05	$	13.70	$	13.46
TOTAL INVESTMENT RETURNS: 2
At net asset value 3	2.30	%	11.24	%	10.21	%	10.29	%	11.63	%	(0.29	)%
At market value	11.19	%	17.39	%	19.31	%	10.01	%	9.21	%	(2.40	)%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 4
Expenses after fees waived and paid indirectly	0.86	% 5	0.83	%	0.83	%	0.83	%	0.84	%	0.81	%
Expenses after fees waived and before fees paid indirectly	0.86	% 5	0.83	%	0.83	%	0.83	%	0.84	%	0.83	%
Expenses before fees waived and paid indirectly	1.17	% 5	1.21	%	1.22	%	1.23	%	1.25	%	1.23	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	7.34	% 5	7.65	%	7.97	%	8.44	%	8.96	%	8.74	%
Preferred share dividends	1.95	% 5	1.83	%	1.23	%	0.63	%	0.65	%	0.92	%
Net investment income available to common shareholders	5.39	% 5	5.82	%	6.74	%	7.81	%	8.31	%	7.82	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 673,550	$	654,691	$	644,680	$	618,076	$	594,192	$	598,425
Portfolio turnover	9	%	77	%	68	%	59	%	56	%	70	%
Net assets applicable to common shareholders, end of period
(000)	$ 670,746	$	674,080	$	642,047	$	621,648	$	603,943	$	579,681
Preferred shares value outstanding, end of period (000)	$ 375,125	$	375,125	$	375,125	$	375,125	$	375,125	$	375,125
Asset coverage per preferred share, end of period	$ 69,714	$	69,933	$	67,797	$	66,435	$	65,251	$	63,636

| 1 | Amounted to less than $0.01 per common share
outstanding. |
| --- | --- |
| 2 | Total investment returns at market price, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of brokerage commissions. Total investment returns for less than a full year
are not annualized. |
| 3 | Unaudited. |
| 4 | 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. |
| 5 | Annualized. |

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Long-Term Municipal Advantage Trust (BTA)

	Six Months Ended April 30, 2007 (unaudited)
PER SHARE
OPERATING PERFORMANCE:
Net asset value, beginning
of period	$ 14.89	$	14.33	2
Investment operations:
Net investment income	0.34		0.45
Net realized and unrealized gain (loss)	(0.09	)	0.62
Net increase from
investment operations	0.25		1.07
Dividends to common
shareholders from net investment income	(0.38	)	(0.48	)
Capital charges with
respect to issuance of Common shares			(0.03	)
Net asset value, end of
period	$ 14.76	$	14.89
Market price, end of period	$ 13.79	$	14.70
TOTAL
INVESTMENT RETURNS: 3
At net asset value 4	1.83	%	7.48	%
At market value	(3.70	)%	1.40	%
RATIOS TO
AVERAGE NET ASSETS: 5
Total expenses	4.52	%	4.55	%
Net expenses	4.12	%	4.11	%
Net expenses excluding
interest expense	0.87	%	0.97	%
Net investment income	4.61	%	4.79	%
SUPPLEMENTAL
DATA:
Average net assets (000)	$ 198,015	$	186,998
Portfolio turnover	23	%	20	%
Net assets, end of period
(000)	$ 196,962	$	198,137
Short-term floating rate
certificates, end of period	$ 170,860	$	177,345
Asset coverage, end of
period 5	$ 2,153	$	2,177
Short-term floating rate
certificates average daily balances (000)	$ 173,281	$	183,026
Short-term floating rate
certificates weighted average interest rate	3.65	%	3.57	%

| 1 | Commencement of investment operations. This
information includes the initial investment by BlackRock Funding Inc. |
| --- | --- |
| 2 | 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. |
| 3 | Total investment returns at market price, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of brokerage commissions. Total investment returns for less than a full year
are not annualized. |
| 4 | Unaudited. |
| 5 | Annualized. |
| 6 | Per $1,000 of certificates outstanding |

The information in the above Financial Highlights represents the operating performance for a 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 Trusts shares.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 14.51	$	14.20	$	14.43	$	14.56	$	14.81	$	15.30
Investment operations:
Net investment income	0.41		0.87		0.78		0.92		1.05		1.04
Net realized and unrealized gain (loss)	(0.08	)	0.50		(0.03	)	(0.09	)	(0.41	)	(0.64	)
Dividends and distributions to preferred
shareholders from:
Net investment income	(0.11	)	(0.21	)	(0.13	)	(0.06	)	(0.06	)	(0.09	)
Net realized gains	(0.02	)
Net increase from investment operations	0.20		1.16		0.62		0.77		0.58		0.31
Dividends and distributions to common shareholders from:
Net investment income	(0.31	)	(0.85	)	(0.85	)	(0.85	)	(0.83	)	(0.80	)
Net realized gains	(0.05	)					(0.05	)
Total dividends and distributions	(0.36	)	(0.85	)	(0.85	)	(0.90	)	(0.83	)	(0.80	)
Net asset value, end of period	$ 14.35	$	14.51	$	14.20	$	14.43	$	14.56	$	14.81
Market price, end of period	$ 13.92	$	15.80	$	15.75	$	14.30	$	14.03	$	13.38
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.30	%	7.87	%	4.32	%	5.77	%	4.43	%	2.06	%
At market value	(9.75	)%	5.90	%	16.76	%	8.78	%	11.38	%	(9.26	)%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	1.38	% 4	1.41	%	1.35	%	1.35	%	1.40	%	1.29	%
Expenses after fees waived and before fees paid indirectly	1.38	% 4	1.50	%	1.39	%	1.40	%	1.40	%	1.29	%
Expenses before fees waived and paid indirectly	1.38	% 4	1.50	%	1.39	%	1.40	%	1.40	%	1.29	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	5.76	% 4	6.11	%	5.38	%	6.37	%	7.17	%	6.86	%
Preferred share dividends	1.51	% 4	1.50	%	0.88	%	0.42	%	0.44	%	0.59	%
Net investment income available to common shareholders	4.25	% 4	4.61	%	4.50	%	5.95	%	6.73	%	6.27	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 14,537	$	14,358	$	14,569	$	14,553	$	14,752	$	15,221
Portfolio turnover	15	%	49	%	20	%	15	%	6	%	30	%
Net assets applicable to common shareholders, end of period
(000)	$ 14,453	$	14,615	$	14,299	$	14,529	$	14,665	$	14,911
Preferred shares value outstanding, end of period (000)	$ 7,500	$	7,500	$	7,500	$	7,500	$	7,500	$	7,500
Asset coverage per preferred share, end of period	$ 73,186	$	73,731	$	72,671	$	73,433	$	73,886	$	74,706

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust (BFZ)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 15.74	$	15.18	$	14.77	$	13.97	$	14.16	$	14.50
Investment operations:
Net investment income	0.54		1.11		1.12		1.15		1.12		1.11
Net realized and unrealized gain (loss)	(0.12	)	0.62		0.36		0.65		(0.34	)	(0.46	)
Dividends to preferred shareholders from net
investment income	(0.15	)	(0.26	)	(0.16	)	(0.09	)	(0.08	)	(0.12	)
Net increase from investment operations	0.27		1.47		1.32		1.71		0.70		0.53
Dividends to common shareholders from net investment
income	(0.46	)	(0.91	)	(0.91	)	(0.91	)	(0.89	)	(0.87	)
Net asset value, end of period	$ 15.55	$	15.74	$	15.18	$	14.77	$	13.97	$	14.16
Market price, end of period	$ 17.82	$	17.12	$	14.92	$	13.65	$	13.21	$	13.09
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.57	%	9.93	%	9.47	%	13.14	%	5.49	%	4.08	%
At market value	7.02	%	21.65	%	16.42	%	10.58	%	7.92	%	(5.49	)%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	0.88	% 4	0.87	%	0.85	%	0.87	%	0.89	%	0.88	%
Expenses after fees waived and before fees paid indirectly	0.88	% 4	0.87	%	0.86	%	0.88	%	0.89	%	0.90	%
Expenses before fees waived and paid indirectly	1.20	% 4	1.25	%	1.25	%	1.28	%	1.30	%	1.31	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	6.99	% 4	7.26	%	7.35	%	7.96	%	8.01	%	7.96	%
Preferred share dividends	1.90	% 4	1.71	%	1.04	%	0.59	%	0.57	%	0.86	%
Net investment income available to common shareholders	5.09	% 4	5.55	%	6.31	%	7.37	%	7.44	%	7.10	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 235,375	$	230,845	$	227,738	$	216,238	$	211,275	$	209,965
Portfolio turnover	14	%	17	%	28	%	15	%	34	%	44	%
Net assets applicable to common shareholders, end of period
(000)	$ 234,262	$	236,573	$	227,472	$	221,371	$	209,397	$	212,215
Preferred shares value outstanding, end of period (000)	$ 131,950	$	131,950	$	131,950	$	131,950	$	131,950	$	131,950
Asset coverage per preferred share, end of period	$ 69,398	$	69,836	$	68,107	$	66,945	$	64,675	$	65,211

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Florida Investment Quality Municipal Trust (RFA)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMM ON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 14.24	$	14.39	$	15.02	$	15.39	$	15.65	$	15.50
Investment operations:
Net investment income	0.42		0.82		0.84		0.98		1.04		1.05
Net realized and unrealized gain (loss)	(0.12	)	0.40		(0.35	)	(0.18	)	(0.39	)	0.02
Dividends and distributions to preferred
shareholders from:
Net investment income	(0.11	)	(0.21	)	(0.15	)	(0.07	)	(0.08	)	(0.11	)
Net realized gains	(0.04	)	(0.05	)	(0.01	)	(0.02	)
Net increase from investment operations	0.15		0.96		0.33		0.71		0.57		0.96
Dividends and distributions to common shareholders from:
Net investment income	(0.31	)	(0.85	)	(0.85	)	(0.85	)	(0.83	)	(0.81	)
Net realized gains	(0.05	)	(0.26	)	(0.11	)	(0.23	)
Total dividends and distributions	(0.36	)	(1.11	)	(0.96	)	(1.08	)	(0.83	)	(0.81	)
Net asset value, end of period	$ 14.03	$	14.24	$	14.39	$	15.02	$	15.39	$	15.65
Market price, end of period	$ 13.70	$	16.00	$	14.85	$	14.30	$	14.47	$	14.50
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.05	%	6.46	%	2.19	%	5.00	%	3.98	%	6.63	%
At market value	(12.18	)%	15.91	%	10.76	%	6.32	%	5.52	%	6.52	%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	1.33	% 4	1.37	%	1.29	%	1.27	%	1.29	%	1.20	%
Expenses after fees waived and before fees paid indirectly	1.33	% 4	1.43	%	1.32	%	1.31	%	1.29	%	1.20	%
Expenses before fees waived and paid indirectly	1.34	% 4	1.43	%	1.32	%	1.31	%	1.29	%	1.20	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	5.96	% 4	5.80	%	5.69	%	6.48	%	6.69	%	6.76	%
Preferred share dividends	1.57	% 4	1.49	%	1.05	%	0.46	%	0.51	%	0.69	%
Net investment income available to common shareholders	4.39	% 4	4.31	%	4.64	%	6.02	%	6.18	%	6.07	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 15,921	$	15,930	$	16,626	$	17,035	$	17,561	$	17,427
Portfolio turnover	9	%	57	%	15	%	13	%	17	%	8	%
Net assets applicable to common shareholders, end of period
(000)	$ 15,812	$	16,054	$	16,214	$	16,929	$	17,347	$	17,639
Preferred shares value outstanding, end of period (000)	$ 8,500	$	8,500	$	8,500	$	8,500	$	8,500	$	8,500
Asset coverage per preferred share, end of period	$ 71,515	$	72,229	$	72,696	$	74,795	$	76,021	$	76,886

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Income Trust (BBF)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMM ON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 15.68	$	15.48	$	15.27	$	14.68	$	14.57	$	14.37
Investment operations:
Net investment income	0.54		1.11		1.11		1.12		1.11		1.07
Net realized and unrealized gain (loss)	(0.11	)	0.26		0.17		0.45		(0.03	)	0.13
Dividends to preferred shareholders from net investment
income	(0.15	)	(0.27	)	(0.17	)	(0.08	)	(0.08	)	(0.12	)
Net increase from investment operations	0.28		1.10		1.11		1.49		1.00		1.08
Dividends to common shareholders from net investment
income	(0.45	)	(0.90	)	(0.90	)	(0.90	)	(0.89	)	(0.87	)
Capital charges with respect to issuance of preferred
shares											(0.01	)
Net asset value, end of period	$ 15.51	$	15.68	$	15.48	$	15.27	$	14.68	$	14.57
Market price, end of period	$ 16.60	$	16.30	$	15.25	$	14.40	$	13.36	$	13.65
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.81	%	7.34	%	7.63	%	11.02	%	7.39	%	7.86	%
At market value	4.82	%	13.26	%	12.44	%	15.04	%	4.30	%	0.16	%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	0.93	% 4	0.92	%	0.90	%	0.93	%	0.94	%	0.96	%
Expenses after fees waived and before fees paid indirectly	0.93	% 4	0.93	%	0.91	%	0.93	%	0.95	%	0.98	%
Expenses before fees waived and paid indirectly	1.25	% 4	1.30	%	1.30	%	1.32	%	1.35	%	1.38	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	7.03	% 4	7.12	%	7.16	%	7.49	%	7.50	%	7.59	%
Preferred share dividends	1.96	% 4	1.75	%	1.11	%	0.55	%	0.53	%	0.82	%
Net investment income available to common shareholders	5.07	% 4	5.37	%	6.05	%	6.94	%	6.97	%	6.77	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 103,843	$	103,431	$	103,432	$	100,002	$	98,081	$	93,558
Portfolio turnover	8	%	20	%	10	%	10	%	19	%	35	%
Net assets applicable to common shareholders, end of period
(000)	$ 103,492	$	104,451	$	102,944	$	101,512	$	97,589	$	96,816
Preferred shares value outstanding, end of period (000)	$ 57,550	$	57,550	$	57,550	$	57,550	$	57,550	$	57,550
Asset coverage per preferred share, end of period	$ 69,972	$	70,391	$	69,729	$	69,101	$	67,394	$	67,060

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 14.47	$	14.48	$	14.79	$	14.90	$	14.64	$	14.85
Investment operations:
Net investment income	0.45		0.85		0.87		0.97		1.00		1.02
Net realized and unrealized gain (loss)	(0.04	)	0.34		(0.21	)	(0.20	)	0.12		(0.39	)
Dividends and distributions to preferred shareholders
from:
Net investment income	(0.11	)	(0.20	)	(0.15	)	(0.07	)	(0.06	)	(0.09	)
Net realized gains	(0.02	)	(0.03	)
Net increase from investment operations	0.28		0.96		0.51		0.70		1.06		0.54
Dividends and distributions to common shareholders from:
Net investment income	(0.42	)	(0.84	)	(0.82	)	(0.81	)	(0.80	)	(0.75	)
Net realized gains	(0.04	)	(0.13	)
Total dividends and distributions	(0.46	)	(0.97	)	(0.82	)	(0.81	)	(0.80	)	(0.75	)
Net asset value, end of period	$ 14.29	$	14.47	$	14.48	$	14.79	$	14.90	$	14.64
Market price, end of period	$ 17.19	$	15.95	$	14.70	$	15.00	$	14.80	$	13.30
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.37	%	6.14	%	3.43	%	5.00	%	7.48	%	4.07	%
At market value	10.63	%	15.25	%	3.53	%	7.14	%	17.59	%	2.07	%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	1.35	% 4	1.41	%	1.34	%	1.34	%	1.39	%	1.31	%
Expenses after fees waived and before fees paid indirectly	1.35	% 4	1.51	%	1.37	%	1.37	%	1.39	%	1.31	%
Expenses before fees waived and paid indirectly	1.35	% 4	1.51	%	1.37	%	1.37	%	1.39	%	1.31	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	6.30	% 4	5.91	%	5.89	%	6.50	%	6.72	%	6.93	%
Preferred share dividends	1.48	% 4	1.41	%	1.00	%	0.47	%	0.41	%	0.61	%
Net investment income available to common shareholders	4.82	% 4	4.50	%	4.89	%	6.03	%	6.31	%	6.32	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 14,473	$	14,499	$	14,873	$	14,974	$	14,975	$	14,791
Portfolio turnover	14	%	27	%	19	%	12	%	4	%	14	%
Net assets applicable to common shareholders, end of period
(000)	$ 14,390	$	14,576	$	14,581	$	14,900	$	15,007	$	14,747
Preferred shares value outstanding, end of period (000)	$ 7,500	$	7,500	$	7,500	$	7,500	$	7,500	$	7,500
Asset coverage per preferred share, end of period	$ 72,983	$	73,603	$	73,612	$	74,670	$	75,026	$	74,159

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Income Trust (BNJ)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 16.35	$	15.87	$	15.38	$	14.59	$	14.29	$	14.26
Investment operations:
Net investment income	0.58		1.17		1.17		1.16		1.15		1.10
Net realized and unrealized gain (loss)	(0.10	)	0.52		0.42		0.61		0.11		(0.07	)
Dividends to preferred shareholders from net
investment income	(0.14	)	(0.26	)	(0.18	)	(0.08	)	(0.08	)	(0.12	)
Net increase from investment operations	0.34		1.43		1.41		1.69		1.18		0.91
Dividends to common shareholders from net investment
income	(0.48	)	(0.95	)	(0.92	)	(0.90	)	(0.88	)	(0.87	)
Capital charges with respect to issuance of preferred
shares											(0.01	)
Net asset value, end of period	$ 16.21	$	16.35	$	15.87	$	15.38	$	14.59	$	14.29
Market price, end of period	$ 19.28	$	18.40	$	15.91	$	14.45	$	14.04	$	13.64
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.89	%	9.18	%	9.60	%	12.29	%	8.68	%	6.61	%
At market value	7.62	%	22.56	%	16.95	%	9.63	%	9.59	%	(2.25	) %
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	0.90	% 4	0.89	%	0.89	%	0.91	%	0.93	%	0.93	%
Expenses after fees waived and before fees paid indirectly	0.90	% 4	0.91	%	0.90	%	0.91	%	0.94	%	0.97	%
Expenses before fees waived and paid indirectly	1.21	% 4	1.27	%	1.28	%	1.30	%	1.34	%	1.37	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	7.15	% 4	7.31	%	7.37	%	7.74	%	7.85	%	7.81	%
Preferred share dividends	1.77	% 4	1.63	%	1.12	%	0.56	%	0.57	%	0.88	%
Net investment income available to common shareholders	5.38	% 4	5.68	%	6.25	%	7.18	%	7.28	%	6.93	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 121,688	$	119,542	$	117,596	$	111,263	$	107,900	$	104,241
Portfolio turnover	13	%	2	%	6	%	16	%	13	%	50	%
Net assets applicable to common shareholders, end of period
(000)	$ 121,288	$	121,987	$	117,739	$	114,019	$	108,172	$	105,985
Preferred shares value outstanding, end of period (000)	$ 63,800	$	63,800	$	63,800	$	63,800	$	63,800	$	63,800
Asset coverage per preferred share, end of period	$ 72,537	$	72,812	$	71,142	$	69,682	$	67,387	$	66,538

| 1 | Total investment returns at market price, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of brokerage commissions. Total investment returns for less than a full year
are not annualized. |
| --- | --- |
| 2 | Unaudited. |
| 3 | 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. |
| 4 | 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 Trusts common shares. | |

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 15.18	$	15.03	$	15.35	$	15.34	$	15.47	$	15.28
Investment operations:
Net investment income	0.47		0.97		0.96		0.96		1.03		1.06
Net realized and unrealized gain (loss)	(0.13	)	0.37		(0.26	)			(0.21	)	0.06
Dividends and distributions to preferred
shareholders from:
Net investment income	(0.12	)	(0.21	)	(0.14	)	(0.07	)	(0.07	)	(0.09	)
Net realized gains	(0.01	)	(0.02	)
Net increase from investment operations	0.21		1.11		0.56		0.89		0.75		1.03
Dividends and distributions to common shareholders from:
Net investment income	(0.43	)	(0.88	)	(0.88	)	(0.88	)	(0.88	)	(0.84	)
Net realized gains	(0.01	)	(0.08	)
Total dividends and distributions	(0.44	)	(0.96	)	(0.88	)	(0.88	)	(0.88	)	(0.84	)
Net asset value, end of period	$ 14.95	$	15.18	$	15.03	$	15.35	$	15.34	$	15.47
Market price, end of period	$ 16.85	$	16.65	$	14.75	$	14.50	$	14.18	$	14.40
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.06	%	7.32	%	3.97	%	6.48	%	5.42	%	7.19	%
At market value	3.85	%	19.95	%	8.01	%	8.81	%	4.69	%	7.42	%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	1.21	% 4	1.25	%	1.20	%	1.21	%	1.24	%	1.17	%
Expenses after fees waived and before fees paid indirectly	1.21	% 4	1.33	%	1.24	%	1.24	%	1.24	%	1.17	%
Expenses before fees waived and paid indirectly	1.22	% 4	1.33	%	1.24	%	1.24	%	1.24	%	1.17	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	6.33	% 4	6.48	%	6.30	%	6.29	%	6.68	%	6.97	%
Preferred share dividends	1.59	% 4	1.42	%	0.91	%	0.46	%	0.44	%	0.60	%
Net investment income available to common shareholders	4.74	% 4	5.06	%	5.39	%	5.83	%	6.24	%	6.37	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 19,704	$	19,527	$	19,993	$	20,019	$	20,158	$	19,915
Portfolio turnover	29	%	24	%	10	%	23	%	36	%	7	%
Net assets applicable to common shareholders, end of period
(000)	$ 19,542	$	19,839	$	19,643	$	20,066	$	20,053	$	20,222
Preferred shares value outstanding, end of period (000)	$ 9,800	$	9,800	$	9,800	$	9,800	$	9,800	$	9,800
Asset coverage per preferred share, end of period	$ 74,855	$	75,614	$	75,111	$	76,195	$	76,159	$	76,590

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

	Six Months Ended April 30, 2007 (unaudited)
		Year Ended October 31,
		2006		2005		2004		2003		2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$ 15.88	$	15.44	$	15.28	$	14.76	$	14.47	$	14.09
Investment operations:
Net investment income	0.56		1.13		1.14		1.14		1.14		1.09
Net realized and unrealized gain (loss)	(0.12	)	0.47		0.09		0.36		0.13		0.29
Dividends to preferred shareholders from net investment
income	(0.14	)	(0.26	)	(0.17	)	(0.08	)	(0.09	)	(0.13	)
Net increase from investment operations	0.30		1.34		1.06		1.42		1.18		1.25
Dividends to common shareholders from net investment
income	(0.45	)	(0.90	)	(0.90	)	(0.90	)	(0.89	)	(0.87	)
Net asset value, end of period	$ 15.73	$	15.88	$	15.44	$	15.28	$	14.76	$	14.47
Market price, end of period	$ 17.59	$	17.35	$	15.19	$	13.99	$	13.45	$	13.42
TOTAL INVESTMENT RETURNS: 1
At net asset value 2	1.80	%	8.91	%	7.38	%	10.46	%	8.84	%	9.45	%
At market value	4.19	%	20.95	%	15.38	%	10.99	%	6.95	%	(2.25	)%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS: 3
Expenses after fees waived and paid indirectly	0.88	% 4	0.87	%	0.86	%	0.87	%	0.88	%	0.90	%
Expenses after fees waived and before fees paid indirectly	0.88	% 4	0.88	%	0.87	%	0.87	%	0.89	%	0.92	%
Expenses before fees waived and paid indirectly	1.20	% 4	1.25	%	1.26	%	1.27	%	1.29	%	1.33	%
Net investment income after fees waived and paid indirectly and
before preferred share dividends	7.22	% 4	7.30	%	7.35	%	7.62	%	7.73	%	7.87	%
Preferred share dividends	1.76	% 4	1.69	%	1.08	%	0.56	%	0.62	%	0.93	%
Net investment income available to common shareholders	5.46	% 4	5.61	%	6.27	%	7.06	%	7.11	%	6.94	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$ 199,128	$	195,439	$	194,038	$	188,476	$	183,648	$	173,885
Portfolio turnover	12	%	27	%	24	%	13	%	14	%	57	%
Net assets applicable to common shareholders, end of period
(000)	$ 198,353	$	199,717	$	193,457	$	191,274	$	184,874	$	181,200
Preferred shares value outstanding, end of period (000)	$ 109,750	$	109,750	$	109,750	$	109,750	$	109,750	$	109,750
Asset coverage per preferred share, end of period	$ 70,190	$	70,502	$	69,073	$	68,575	$	67,115	$	66,279

See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1. Organization & Accounting Policies

BlackRock Investment Quality Municipal Trust Inc. (Investment Quality Municipal), 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. BlackRock Florida Investment Quality Municipal Trust (Florida Investment Quality) was organized as a Massachusetts business trust. 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. 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), BlackRock New York Municipal Income Trust (New York Income) (collectively the Income Trusts) and BlackRock Long-Term Municipal Advantage Trust (Long-Term Municipal) were organized as Delaware statutory trusts. The Investment Quality Trusts, Income Trusts and Long-Term Municipal are referred to herein collectively as the Trusts. Investment Quality Municipal and Municipal Income are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the 1940 Act). Long-Term Municipal, 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 1940 Act.

Long-Term Municipal was organized on November 7, 2005 and had no capital transactions until January 4, 2006 when the Trust sold 9,704 common shares for $139,010 to BlackRock Funding, Inc. Investment operations for Long-Term Municipal commenced on February 28, 2006. Long-Term Municipal incurred organization costs which were deferred from the organization date until the commencement of operations.

Under the Trusts organizational documents, their officers and Trustees (as defined below) are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Trusts enter into contracts with their vendors and others that provide for general indemnifications. The Trusts maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trusts. However, based on experience, the Trusts consider the risk of loss from such claims to be remote.

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 Trusts Board of Trustees (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. Swap quotations are provided by dealers selected under supervision of the Board. 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 per share. 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 Trusts 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 is subsequently reported to the Board.

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Trusts financial statements, if any, has not been determined.

In addition, in February 2007, Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (FAS 159), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Trusts financial statements, if any, has not been determined.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments sold and the related gain or loss is determined by use of the specific identification method, generally first-in, first-out, for both financial reporting and federal income tax purposes. 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 days 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 Trusts 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.

Forward Starting Swaps: A forward starting swap is are an agreement for an interest rate swap asset or liability to be created or sold in the future. Interest rate swaps are an agreement in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. The Trusts generally intend to close each forward starting swap before the accrual date specified in the agreement and therefore avoid entering into the interest rate swap underlying each forward starting swap.

During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market daily based upon quotations from market makers to reflect the market value of the swap. When the swap is terminated, a Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts basis in the contract, if any.

Entering into these agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest and/or exchange rates. However, the Advisor of the Trusts monitor swaps and do not anticipate non-performance by any counterparty.

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

Federal Income Taxes: It is each Trusts intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax provisions have been recorded.

In July 2006, Financial Accounting Standards Board released FASB Interpretation No. 48 (FIN 48) Accounting for Uncertainty in Income Taxes. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact on the Trusts financial statements, if any, has not yet been determined.

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 in accordance with the 1940 Act. 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 6.

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 including investment and swap valuations 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 and such differences may be material.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trusts Board, non-interested Trustees/Directors (Independent 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 Funds selected by the Independent Trustees. These amounts are shown on the Statement of Assets and Liabilities as Investments in affiliates. This has the same economic effect for the Independent Trustees as if the Independent 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 Independent Trustees in order to match its deferred compensation obligations.

Other: Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally pro rated to the Trusts on the basis of relative net assets of all the BlackRock Closed-End Funds.

Note 2. Tender Option Bond Residuals

Long-Term Municipal invests in highly leveraged residual certificates (TOB Residuals) issued by tender option bond trusts (TOBs). A TOB is established by a third party sponsor forming a special purpose entity, into which Long-Term Municipal, or an agent on behalf, transfers municipal securities. The TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates, which are generally issued to Long-Term Municipal. The transfer of the municipal securities to a TOB does not qualify for sale treatment under Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and therefore the municipal securities deposited into a TOB are presented in Long-Term Municipals schedule of investments and the proceeds from the transaction are reported as a liability for trust certificates of Long-Term Municipal. Interest income from the underlying security is recorded by Long-Term Municipal on an accrual basis. Interest expense incurred on the secured borrowing and other expenses relating to remarketing, administration and trustee services to a TOB are reported as expenses of Long-Term Municipal. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by the Portfolios include the right of the Portfolios (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par, and (2) to transfer a corresponding share of the municipal securities from the TOB to the Portfolios. The proceeds received from the transaction are used by Long-Term Municipal to purchase additional municipal bonds or other investments permitted by Long-Term Municipals investment policies. At April 30, 2007, the aggregate value of the underlying municipal securities transferred to TOBs and the liability for trust certificates amounted to $173,233,173 and $172,943,596, respectively.

Financial transactions executed through TOBs generally will under perform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, Long-Term Municipals investment in TOB Residuals likely will adversely affect the Trusts net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect the Trusts net asset value per share. Long-Term Municipal invests in highly leveraged TOB Residuals and consequently may lose money in excess of the amount of its investment. Long-Term Municipal invests in residual certificates for the purpose of using economic leverage as a more flexible alternative to the issuance of preferred shares.

Note 3. Agreements and Other Transactions with Affiliates and Related Parties

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the Advisor), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (BFM), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to each Trust. Merrill Lynch & Co., Inc. and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc. The investment management agreement for each Income Trust and Long-Term Municipal covers both investment advisory and administration services. Each Investment Quality Trust has an Administration Agreement with the Advisor.

The Trusts 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 Trusts 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 Trusts operations from 2001 through 2006, 0.20% in 2007, 0.15% in 2008, 0.10% in 2009 and 0.05% in 2010.

The administration fee to the advisor is computed weekly and payable monthly based on an annual rate of 0.15% for the Municipal Investment Quality Trust and 0.10% for the California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality of the Trusts average weekly managed assets.

Long-Term Municipals investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate equal to 1.00% of the average weekly net assets. Net Assets means the total assets of the Trust minus the sum of accrued liabilities. The Advisor has voluntarily agreed to waive a portion of the investment advisory or other expenses of Long-Term Municipal in the amount of 0.40% of the average weekly value of the Long-Term Municipals Net Assets for the first five years of the Trusts operations from 2006 through 2011 and for declining amounts for the following three years, 0.30% in 2012, 0.20% in 2013 and 0.10% in 2014.

The Advisor has agreed to reimburse its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investments in affiliated money market funds, which is shown on the Statement of Operations as fees waived by Advisor.

The Advisor pays BFM fees for its sub-advisory services.

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, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support, and compliance services to each Trust. For the six months ended April 30, 2007, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statement of Operations:

Trust
Investment Quality
Municipal	$ 8,134
Municipal Income	17,195
Long-Term Municipal	3,689
California Investment
Quality	474
California Income	6,773
Florida Investment Quality	564

Trust
Florida Income	$ 3,142
New Jersey Investment
Quality	479
New Jersey Income	3,439
New York Investment Quality	649
New York Income	5,873

Pursuant to the terms of their custody agreement, each Trust may receive earnings credits from its custodian for positive cash balances maintained, which are used to offset custody fees. These credits are shown on the Statement of Operations as fees paid indirectly.

Investments in companies considered to be an affiliate of the Trusts, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

| Trust | Portfolio
Company | | Dividend/ Interest Income |
| --- | --- | --- | --- |
| Investment Quality
Municipal | Merrill Lynch Institutional
Tax Exempt Fund | 4,300 | $ 39,535 |
| Municipal Income | Merrill Lynch Institutional
Tax Exempt Fund | 12,600 | 83,108 |
| Long-Term Municipal | Merrill Lynch Institutional
Tax Exempt Fund | 7,500 | 2,847 |
| California Investment
Quality | CMA California Mun. Money
Fund | 1,004 | 6,933 |
| California Income | CMA California Mun. Money
Fund | 13,143 | 46,302 |
| Florida Investment Quality | CMA Florida Mun. Money Fund | 101 | 921 |
| Florida Income | CMA Florida Mun. Money Fund | 2,510 | 11,862 |
| New Jersey Investment
Quality | CMA New Jersey Mun. Money
Fund | 1,100 | 689 |
| New Jersey Income | CMA New Jersey Mun. Money
Fund | 4,602 | 5,004 |
| New York Investment Quality | CMA New York Mun. Money
Fund | 103 | 4,184 |
| New York Income | CMA New York Mun. Money
Fund | 1,215 | 17,465 |

During the six months ended April 30, 2007, Merrill Lynch & Co., Inc., through their affiliated broker dealer, Merrill Lynch, Pierce, Fenner & Smith, Inc., earned commissions on transactions of securities as follows:

Trust
Long-Term Municipal
Advantage	$ 1,320
California Investment
Quality	66

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2007, were as follows:

Trust	Purchases	Sales
Investment Quality
Municipal	$ 52,997,461	$ 32,442,458
Municipal Income	127,488,188	92,790,046
Long-Term Municipal	84,008,564	96,087,599
California Investment
Quality	5,842,061	3,139,516
California Income	47,696,360	54,955,373
Florida Investment Quality	5,853,795	2,145,627

Trust	Purchases	Sales
Florida Income	$ 17,357,532	$ 12,112,229
New Jersey Investment
Quality	6,574,803	2,996,764
New Jersey Income	23,889,086	26,055,078
New York Investment Quality	8,459,618	8,360,098
New York Income	41,465,000	37,155,581

There were no purchases or sales of U.S. government securities for the six months ended April 30, 2007.

Details of open forward starting swap agreements at April 30, 2007 were as follows:

| Trust | Notional Amount | Fixed Rate (a) | Counter Party | Floating
Rate | Effective Date | Termination Date | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment | $ 12,000,000 | 3.756 % | JP
Morgan | 1-week BMA Municipal Swap
Index | 05/04/07 | 05/04/16 | $ (118,200 | ) |
| Quality | 13,600,000 | 3.595 | CitiBank | 1-week BMA Municipal Swap
Index | 06/14/07 | 06/14/17 | 71,419 | |
| Municipal | 40,250,000 | 3.636 | JP
Morgan | 1-week BMA Municipal Swap
Index | 06/27/07 | 06/27/17 | 92,173 | |
| | 8,500,000 | 3.878 | CitiBank | 1-week BMA Municipal Swap
Index | 06/21/07 | 06/21/32 | 113,397 | |
| | | | | | | | $ 158,789 | |
| Municipal | 46,750,000 | 3.756 % | JP
Morgan | 1-week BMA Municipal Swap
Index | 05/04/07 | 05/04/16 | $ (460,488 | ) |
| Income | 34,500,000 | 3.636 | JP
Morgan | 1-week BMA Municipal Swap
Index | 06/27/07 | 06/27/17 | 79,005 | |
| | 51,325,000 | 3.595 | CitiBank | 1-week BMA Municipal Swap
Index | 06/14/07 | 06/14/17 | 269,528 | |
| | 32,000,000 | 3.878 | CitiBank | 1-week BMA Municipal Swap
Index | 06/21/07 | 06/21/32 | 426,909 | |
| | | | | | | | $ 314,954 | |
| Long-Term | | | | | | | | |
| Municipal | 13,000,000 | 3.636 % | JP
Morgan | 1-week BMA Municipal Swap
Index | 06/27/07 | 06/27/17 | $ 29,770 | |
| California | 10,500,000 | 3.987 % | JP
Morgan | 1-week BMA Municipal Swap
Index | 05/04/07 | 05/04/27 | $ 45,588 | |
| Income | 8,000,000 | 3.878 | CitiBank | 1-week BMA Municipal Swap Index | 06/21/07 | 06/21/32 | 106,727 | |
| | | | | | | | $ 152,315 | |

Trust	Notional Amount		Counter Party	Floating Rate
Florida Investment
Quality	$ 2,500,000	3.580 %	JP
Morgan	1-week BMA Municipal Swap
Index	06/04/07	06/04/14	$ 7,625
Florida	4,000,000	3.987 %	JP
Morgan	1-week BMA Municipal Swap
Index	05/04/07	05/04/27	17,367
Income	3,300,000	3.607	CitiBank	1-week BMA Municipal Swap
Index	06/20/07	06/20/17	(27,489	)
					(10,122	)
New Jersey
Income	1,100,000	3.883 %	CitiBank	1-week BMA Municipal Swap
Index	06/20/07	06/20/37	20,625
New York	1,000,000	3.883 %	CitiBank	1-week BMA Municipal Swap
Index	06/20/07	06/20/37	18,750
Income	7,750,000	3.878	CitiBank	1-week BMA Municipal Swap
Index	06/21/07	06/21/32	103,392
					122,142

(a) Trust will pay fixed interest rate and receive floating interest rate beginning on the effective date.

BMABond Market Association.

Note 5. Income Tax Information

The tax character of distributions paid during the year ended October 31, 2006 were as follows:

| Distributions
Paid From: | Year ended October 31, 2006 — Tax-exempt Income | Ordinary Income | Long-term Capital Gains | Total Distributions |
| --- | --- | --- | --- | --- |
| Investment Quality Municipal | $ 22,393,077 | $ | $ | $ 22,393,077 |
| Municipal Income | 55,312,288 | 75,431 | | 55,387,719 |
| Long-Term Municipal | 6,393,277 | | | 6,393,277 |
| California Investment
Quality | 1,069,125 | | | 1,069,125 |
| California Income | 17,652,513 | | | 17,652,513 |
| Florida Investment Quality | 1,193,991 | 2,626 | 339,437 | 1,536,054 |
| Florida Income | 7,830,368 | | | 7,830,368 |
| New Jersey Investment
Quality | 1,051,755 | | 152,406 | 1,204,161 |
| New Jersey Income | 9,057,294 | | | 9,057,294 |
| New York Investment Quality | 1,423,375 | | 129,549 | 1,552,924 |
| New York Income | 14,642,419 | | | 14,642,419 |

For federal income tax purposes, the following Trusts had capital loss carryforwards at April 30, 2007, the Trusts last tax year-end except for New York Income which had its last tax year-end at July 31, 2006. These amounts may be used to offset future realized capital gains, if any:

Trust — Investment Quality Municipal	$ 159,146	2012	Trust — California Income	$ 389,453	2010
	904,137	2014		124,338	2011
	$ 1,063,283			4,943,577	2012
Municipal Income	$ 11,431,206	2011		1,350,312	2014
	15,767,388	2012		$ 6,807,680
	4,991,782	2014	Florida Income	$ 796,318	2012
	$ 32,190,376		New Jersey Income	$ 610,058	2012
Long-Term Municipal	$ 1,005,040	2014	New York Income	$ 276,399	2012

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 6. 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 and Long-Term Municipal. Each Trust may classify or reclassify any unissued common shares into one or more series of Auction Market Preferred Shares (preferred shares). At April 30, 2007, the shares owned by an affiliate of the Advisor of Long-Term Municipal were 9,704.

During the six months ended April 30, 2007 and the year ended October 31, 2006, the following Trusts issued additional shares under their respective dividend reinvestment plan:

Trust	April 30, 2007	October 31, 2006
Municipal Income	94,345	183,235
Long-Term
Municipal	36,210	34,238
California
Income	29,765	45,581
Florida
Income	8,936	14,192
New Jersey
Income	19,095	42,417
New York
Income	27,760	52,616

Long-Term Municipal, which commenced operations on February 28, 2006, issued 13,040,000 common shares under the initial public offering. An additional 225,000 shares were issued by the underwriters exercising their over-allotment option. Offering costs incurred in connection with the offering of common shares have been charged against the proceeds from the initial common share offering in the amount of $381,825.

As of April 30, 2007, 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
Investment
Quality Municipal	T7	3,262	California
Income	T7	2,639
	T28	2,600		R7	2,639
Municipal
Income	M7	3,001	Florida
Investment Quality	R7	340
	T7	3,001	Florida
Income	T7	2,302
	W7	3,001	New Jersey
Investment Quality	T7	300
	R7	3,001	New Jersey
Income	R7	2,552
	F7	3,001	New York
Investment Quality	F7	392
California
Investment Quality	W7	300	New York
Income	W7	2,195
				F7	2,195

Dividends on seven-day preferred shares are cumulative at a rate which is reset 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 and average on the preferred shares for each of the Trusts for the six months ended April 30, 2007 were as follows:

Trust	Series	Low	High	Average	Trust	Series	Low	High	Average
Investment Quality Municipal	T7	3.13 %	3.90 %	3.48 %	California Income	T7	3.08 %	3.96 %	3.48 %
	T28	3.35	3.65	3.55		R7	2.90	4.00	3.33
Municipal Income	M7	3.10	3.90	3.55	Florida Investment Quality	R7	3.50	5.40	3.96
	T7	3.10	3.85	3.52	Florida Income	T7	3.30	3.90	3.55
	W7	3.16	3.90	3.49	New Jersey Investment
Quality	T7	2.95	5.11	3.33
	R7	3.00	3.88	3.50	New Jersey Income	R7	3.00	3.80	3.39
	F7	3.10	4.00	3.54	New York Investment Quality	F7	2.90	3.80	3.38
California Investment Quality	W7	3.00	5.10	3.38	New York Income	W7	2.85	3.95	3.18
						F7	2.89	4.00	3.19

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 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 Trusts Declaration of Trust/Articles Supplementary, 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 1940 Act 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 Trusts 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 7. Concentration Risk

The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these states, other governmental entities and U.S. Territories, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principal and interest payments and therefore could impact the value of the Trusts investments and net asset value per share, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Portfolios of Investments.

Note 8. Subsequent Events

Subsequent to April 30, 2007, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2007, to shareholders of record on May 15, 2007. The per share common dividends declared were as follows:

Trust	Common Dividend Per Share	Trust
Investment
Quality Municipal	$ 0.085000	Florida
Income	$ 0.075375
Municipal
Income	0.082625	New Jersey
Investment Quality	0.068000
Long-Term
Municipal	0.055000	New Jersey
Income	0.079625
California
Investment Quality	0.048000	New York
Investment Quality	0.070000
California Income	0.076074	New York
Income	0.075339
Florida
Investment Quality	0.048000

The dividends declared on preferred shares for the period May 1, 2007 to May 31, 2007 for each of the Trusts were as follows:

Trust	Series	Dividends Declared	Trust		Dividends Declared
Investment
Quality Municipal	T7	$ 293,091	California
Income	T7	$ 233,710
	T28	180,492		R7	192,330
Municipal
Income	M7	271,951	Florida
Investment Quality	R7	25,432
	T7	268,229	Florida
Income	T7	203,635
	W7	270,510	New Jersey
Investment Quality	T7	25,746
	R7	214,812	New Jersey
Income	R7	179,252
	F7	218,383	New York
Investment Quality	F7	29,267
California
Investment Quality	W7	25,083	New York
Income	W7	188,265
				F7	138,746

DIVIDEND REINVESTMENT PLANS

Pursuant to each Trusts Dividend Reinvestment Plan (the Plan), common shareholders are automatically enrolled to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the Plan Agent) in the respective Trusts shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

At present 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 Trusts primary exchange or elsewhere (open market purchases). The Investment Quality Trusts do not presently issue any new shares under the Plan, which serves as agent for the shareholders in administering the Plan.

After the Income Trusts and Long-Term Municipal declare a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants accounts, 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 participants 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.

At a meeting of the Boards of Trustees of the Investment Quality Trusts on November 21, 2006, the Boards approved an amendment to the Dividend Reinvestment Plans of each Investment Quality Trust. Although the Plans presently permit shares to be purchases only the open market, as a result of the amendment, the Plans will permit purchases of newly issued shares on terms similar to the Income Trusts described in the next paragraph. The amendments will take effect on April 1, 2007.

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 Agents 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 Agents 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 who 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

Each Trust listed for trading on the New York Stock Exchange (NYSE) has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSEs listing standards and each Trust listed for trading on the American Stock Exchange (AMEX) has filed with the AMEX its corporate governance certification regarding compliance with the AMEXs listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trusts offering and the information contained in each Trusts Statement of Additional Information may have become outdated.

During the period, there were no material changes in any Trusts investment objective or policies or to any Trusts charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts.

Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRocks website, which can be accessed at http://www1.blackrock.com. This reference to BlackRocks website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRocks 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. KapitoDirector and Vice Chairman of the Advisor and the Sub-Advisor, Donald Burke, Anne Ackerley, Bartholomew Battista, Vincent Tritto and Brian KindelanManaging Directors of the Advisor and the Sub-Advisor, Neal Andrews, James Kong and Jay FifeManaging Director of the Sub-Advisor, Spencer FlemingDirector of the Advisor and the Sub-Advisor, Robert MaharDirector of the Sub-Advisor.

Important Information Regarding the BlackRock Closed-End Funds Semi-Annual Investor Update

The Semi-Annual Investor Update (Update) is available on the Internet and may be accessed through BlackRocks website at http://www1.blackrock.com. The Update provides information on the fixed income markets and summaries of BlackRock Closed-End Funds investment objectives and strategies. It also contains recent news regarding the BlackRock Closed-End Funds.

If you would like to receive a hard copy of the BlackRock Closed-End Funds Semi-Annual Investor Update , please call (800) 699-1BFM.

BlackRock Closed-End Funds

Trustees Ralph L. Schlosstein, Chairman Andrew F. Brimmer, Lead Trustee 1 Richard E. Cavanagh, Lead Trustee 2 Kent Dixon Frank J. Fabozzi Kathleen F. Feldstein R. Glenn Hubbard Robert S. Kapito 3 Officers Robert S. Kapito, President Donald C. Burke, Treasurer Bartholomew Battista, Chief Compliance Officer Anne Ackerley, Vice President Neal Andrews, Assistant Treasurer Jay Fife, Assistant Treasurer Spencer Fleming, Assistant Treasurer James Kong, Assistant Treasurer Robert Mahar, Assistant Treasurer Vincent B. Tritto, Secretary Brian P. Kindelan, Assistant Secretary Investment Advisor BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, DE 19809 (800) 227-7BFM Sub-Advisor BlackRock Financial Management, Inc. 40 East 52nd Street New York, NY 10022 Accounting Agent and Custodian State Street Bank and Trust Company 2 Avenue De Lafayette Boston, MA 02111 Transfer Agent Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 (800) 699-1BFM Auction Agent 4 Bank of New York 101 Barclay Street, 7 West New York, NY 10286 Auction Agent 5 Deutsche Bank Trust Company Americas 60 Wall Street, 8th Floor New York, NY 10005 Independent Registered Public Accounting Firm Deloitte & Touche LLP 200 Berkeley Street Boston, MA 02116 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP 4 Times Square New York, NY 10036 Legal Counsel Independent Trustees Debevoise & Plimpton LLP 919 Third Avenue New York, NY 10022 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. BlackRock Closed-End Funds c/o BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington, DE 19809 (800) 227-7BFM

| 1 | Retired, effective December
31, 2006. |
| --- | --- |
| 2 | Effective as of January 1,
2007. |
| 3 | Resigned, effective
December 31, 2006. |
| 4 | For the Income Trusts. |
| 5 | 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 Advisors 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 without charge, 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 Trusts Form N-Q will be available on the Commissions website at http://www.sec.gov. Each Trusts Form N-Q, may be reviewed and copied at the Commissions Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trusts Form N-Q, may also be obtained upon request without charge by calling (800) 699-1BFM.

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change. CEF-SEMI-2-0407

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Schedule of Investments.

The Registrants Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

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

Not applicable for semi-annual reports.

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

(a) Not applicable for semi-annual reports.

(b) Not applicable.

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

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

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

No matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrants disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrants management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

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

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/ Donald
C. Burke |
| --- | --- |
| Name: | Donald C. Burke |
| Title: | Treasurer |
| Date: | July 3, 2007 |

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

| By: | /s/
Robert S. Kapito |
| --- | --- |
| Name: | Robert S. Kapito |
| Title: | Principal Executive Officer |
| Date: | July 3, 2007 |

| By: | /s/ Donald
C. Burke |
| --- | --- |
| Name: | Donald C. Burke |
| Title: | Principal Financial Officer |
| Date: | July 3, 2007 |

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