Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

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____________________________________

______________________The 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

The 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:_302 797-2162__________________

Date of fiscal year end:____October 31, 2004__________________________________

Date of reporting period: __ April 30, 2004____________________________________

Item 1.

Reports to Shareholders.

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

FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS

BlackRock
Closed-End Funds
Semi-Annual Report

APRIL 30, 2004 (UNAUDITED)

BlackRock Investment Quality Municipal Trust (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock California Investment Quality Municipal Trust (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Investment Quality Municipal Trust (RFA)

BlackRock Florida Municipal Income Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust (RNY)

BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

TABLE OF CONTENTS

Letter to Shareholders	1

Trust Summaries	2

Portfolios of Investments	12

Financial Statements

Statements of Assets and Liabilities	34

Statements of Operations	36

Statements of Changes in Net Assets	38

Financial Highlights	42

Notes to Financial Statements	52

Dividend Reinvestment Plans	57

Additional Information	58

Privacy Principles of the Trusts

The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.

LETTER TO SHAREHOLDERS

April 30, 2004

Dear Shareholder:

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

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

The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2004.


			Tax-		Closing
	Current		Equivalent		Market
Trust (Ticker)	Yield¹		Yield¹		Price		NAV

BlackRock Investment Quality Municipal Trust (BKN)	6.84	%	10.53	%	$	13.36	$	15.41

BlackRock Municipal Income Trust (BFK)	7.48		11.50			13.02		14.09

BlackRock California Investment Quality Municipal Trust (RAA)	6.50		10.00			13.03		14.30

BlackRock California Municipal Income Trust (BFZ)	7.16		11.02			12.75		14.24

BlackRock Florida Investment Quality Municipal Trust (RFA)	6.25		9.62			13.58		14.96

BlackRock Florida Municipal Income Trust (BBF)	6.98		10.75			12.95		14.90

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)	5.82		8.95			13.85		14.80

BlackRock New Jersey Municipal Income Trust (BNJ)	6.79		10.45			13.27		14.86

BlackRock New York Investment Quality Municipal Trust (RNY)	6.50		10.00			13.50		15.15

BlackRock New York Municipal Income Trust (BNY)	6.97		10.72			12.98		14.84

¹Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%.

BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of March 31, 2004, BlackRock managed approximately $20 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., which manages the Trusts, is a wholly owned subsidiary 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
Chief Executive Officer
BlackRock Advisors, Inc.

Ralph L. Schlosstein
President
BlackRock Advisors, Inc.

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock Investment Quality Municipal Trust (BKN)

Trust Information


Symbol on New York Stock Exchange:	BKN

Initial Offering Date:	February 19, 1993

Closing Market Price as of 4/30/04:	$13.36

Net Asset Value as of 4/30/04:	$15.41

Yield on Closing Market Price as of 4/30/04 ($13.36):¹	6.84	%

Current Monthly Distribution per Common Share:²	$0.076189

Current Annualized Distribution per Common Share:²	$0.914268

Leverage as of 4/30/04:³	36	%

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

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$13.36	$14.26	(6.31	)%	$15.36	$13.36

NAV	$15.41	$15.28	0.85	%	$16.08	$15.27

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

Industrial & Pollution Control	17	%	17	%

City, County & State	17		12

Lease Revenue	12		13

Education	12		12

Hospital	9		11

Transportation	9		10

Power	7		7

Tobacco	6		6

Tax Revenue	4		4

Housing	3		4

Water & Sewer	1		1

Other	3		3

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	41	%	46	%

AA/Aa	7		7

A	15		20

BBB/Baa	27		19

BB/Ba	3		3

Not Rated⁵	7		5

⁴ Using the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating.
⁵The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $12,712,386, representing 3.2% of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock Municipal Income Trust (BFK)

Trust Information


Symbol on New York Stock Exchange:	BFK

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/04:	$13.02

Net Asset Value as of 4/30/04:	$14.09

Yield on Closing Market Price as of 4/30/04 ($13.02):¹	7.48	%

Current Monthly Distribution per Common Share:²	$0.081125

Current Annualized Distribution per Common Share:²	$0.973500

Leverage as of 4/30/04:³	38	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$13.02	$13.70	(4.96	)%	$14.78	$12.90

NAV	$14.09	$13.87	1.59	%	$14.92	$13.86

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

Hospital	23	%	22	%

Industrial & Pollution Control	21		22

City, County & State	10		5

Tobacco	9		10

Transportation	8		8

Education	7		7

Housing	7		10

Lease Revenue	7		8

Tax Revenue	1		1

Power	1		1

Water & Sewer	1		1

Other	5		5

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	14	%	15	%

AA/Aa	4		4

A	25		27

BBB/Baa	44		44

BB/Ba	1		—

B	5		5

Not Rated⁵	7		5

⁴ Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $46,632,235, representing 4.9% of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock California Investment Quality Municipal Trust (RAA)

Trust Information


Symbol on American Stock Exchange:	RAA

Initial Offering Date:	May 28, 1993

Closing Market Price as of 4/30/04:	$13.03

Net Asset Value as of 4/30/04:	14.30

Yield on Closing Market Price as of 4/30/04 ($13.03):¹	6.50	%

Current Monthly Distribution per Common Share:²	$0.0706

Current Annualized Distribution per Common Share:²	$0.8472

Leverage as of 4/30/04:³	34	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$13.03	$14.03	(7.13	)%	$14.50	$12.99

NAV	$14.30	$14.56	(1.79	)%	$14.91	$14.28

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

City, County & State	26	%	25	%

Lease Revenue	21		17

Transportation	18		24

Education	12		11

Tobacco	8		8

Industrial & Pollution Control	7		7

Power	6		6

Water & Sewer	2		2

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	39	%	45	%

AA/Aa	12		11

A	5		12

BBB/Baa	30		18

B	4		5

Not Rated	10		9

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

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock California Municipal Income Trust (BFZ)

Trust Information


Symbol on New York Stock Exchange:	BFZ

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/04:	$12.75

Net Asset Value as of 4/30/04:	$14.24

Yield on Closing Market Price as of 4/30/04 ($12.75):¹	7.16	%

Current Monthly Distribution per Common Share:²	$0.076074

Current Annualized Distribution per Common Share:²	$0.912888

Leverage as of 4/30/04:³	38	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$12.75	$13.21	(3.48	)%	$14.18	$12.75

NAV	$14.24	$13.97	1.93	%	$15.08	$13.96

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

City, County & State	19	%	15	%

Lease Revenue	13		13

Housing	12		16

Tobacco	11		10

Transportation	11		11

Hospital	10		9

Education	9		10

Power	7		7

Industrial & Pollution Control	1		1

Tax Revenue	—		1

Other	7		7

Credit Breakdown⁴

Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	30	%	30	%

AA/Aa	3		—

A	19		31

BBB/Baa	29		20

BB/Ba	—		1

B	1		—

Not Rated⁵	18		18

⁴ Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $30,286,291, representing 9.1% of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock Florida Investment Quality Municipal Trust (RFA)

Trust Information


Symbol on American Stock Exchange:	RFA

Initial Offering Date:	May 28, 1993

Closing Market Price as of 4/30/04:	$13.58

Net Asset Value as of 4/30/04:	$14.96

Yield on Closing Market Price as of 4/30/04 ($13.58):¹	6.25	%

Current Monthly Distribution per Common Share:²	$0.070781

Current Annualized Distribution per Common Share:²	$0.849372

Leverage as of 4/30/04:³	34	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$13.58	$14.47	(6.15	)%	$15.95	$13.47

NAV	$14.96	$15.39	(2.79	)%	$15.46	$14.96

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

Education	21	%	23	%

Tax Revenue	19		21

Transportation	13		14

Power	13		14

City, County & State	11		9

Hospital	9		4

Lease Revenue	8		9

Housing	5		5

Water & Sewer	1		1

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	66	%	72	%

AA/Aa	4		4

A	9		7

BBB/Baa	12		13

BB/Ba	2		—

Not Rated	7		4

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

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock Florida Municipal Income Trust (BBF)

Trust Information


Symbol on New York Stock Exchange:	BBF

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/04:	$12.95

Net Asset Value as of 4/30/04:	$14.90

Yield on Closing Market Price as of 4/30/04 ($12.95):¹	6.98	%

Current Monthly Distribution per Common Share:²	$0.075375

Current Annualized Distribution per Common Share:²	$0.904500

Leverage as of 4/30/04:³	37	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$12.95	$13.36	(3.07	)%	$14.75	$12.91

NAV	$14.90	$14.68	1.50	%	$15.61	$14.65

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

City, County & State	30	%	31	%

Hospital	24		22

Water & Sewer	8		8

Power	8		8

Education	7		7

Housing	6		6

Tax Revenue	5		5

Lease Revenue	5		5

Tobacco	3		4

Transportation	3		3

Industrial & Pollution Control	1		1

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	20	%	19	%

AA/Aa	40		42

A	12		13

BBB/Baa	11		11

BB/Ba	2		—

Not Rated	15		15

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

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information


Symbol on American Stock Exchange:	RNJ

Initial Offering Date:	May 28, 1993

Closing Market Price as of 4/30/04:	$13.85

Net Asset Value as of 4/30/04:	$14.80

Yield on Closing Market Price as of 4/30/04 ($13.85):¹	5.82	%

Current Monthly Distribution per Common Share:²	$0.067148

Current Annualized Distribution per Common Share:²	$0.805776

Leverage as of 4/30/04:³	33	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$13.85	$14.80	(6.42	)%	$15.61	$13.76

NAV	$14.80	$14.90	(0.67	)%	$15.39	$14.80

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

Transportation	30	%	32	%

Hospital	15		15

Education	10		11

Power	7		8

Water & Sewer	5		5

City, County & State	5		5

Resource Recovery	5		5

Housing	5		1

Tax Revenue	5		5

Tobacco	4		4

Industrial & Pollution Control	4		4

Other	5		5

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	61	%	64	%

AA/Aa	10		10

A	9		10

BBB/Baa	11		7

B	4		4

Not Rated⁵	5		5

⁴ Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $1,107,830, representing 5.2% of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)

Trust Information


Symbol on New York Stock Exchange:	BNJ

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/04:	$13.27

Net Asset Value as of 4/30/04:	$14.86

Yield on Closing Market Price as of 4/30/04 ($13.27):¹	6.79	%

Current Monthly Distribution per Common Share:²	$0.075108

Current Annualized Distribution per Common Share:²	$0.901296

Leverage as of 4/30/04:³	37	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$13.27	$14.04	(5.48	)%	$15.12	$13.24

NAV	$14.86	$14.59	1.85	%	$15.68	$14.57

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

Hospital	23	%	21	%

Lease Revenue	15		15

Transportation	13		14

City, County & State	12		7

Housing	11		16

Tobacco	9		9

Industrial & Pollution Control	3		3

Education	3		3

Tax Revenue	2		2

Water & Sewer	—		1

Other	9		9

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	31	%	32	%

AA/Aa	5		5

A	19		20

BBB/Baa	33		31

B	3		3

Not Rated⁵	9		9

⁴ Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $15,590,435, representing 9.2% of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock New York Investment Quality Municipal Trust (RNY)

Trust Information


Symbol on American Stock Exchange:	RNY

Initial Offering Date:	May 28, 1993

Closing Market Price as of 4/30/04:	$13.50

Net Asset Value as of 4/30/04:	$15.15

Yield on Closing Market Price as of 4/30/04 ($13.50):¹	6.50	%

Current Monthly Distribution per Common Share:²	$0.073125

Current Annualized Distribution per Common Share:²	$0.877500

Leverage as of 4/30/04:³	33	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$13.50	$14.18	(4.80	)%	$14.92	$13.37

NAV	$15.15	$15.34	(1.24	)%	$15.79	$15.15

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

Education	35	%	33	%

City, County & State	17		19

Industrial & Pollution Control	11		10

Tax Revenue	8		8

Lease Revenue	8		11

Water & Sewer	7		7

Power	4		4

Hospital	4		3

Housing	4		3

Tobacco	2		2

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	38	%	37	%

AA/Aa	24		26

A	23		25

BBB/Baa	6		5

BB/Ba	5		4

Caa	4		3

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

TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock New York Municipal Income Trust (BNY)

Trust Information


Symbol on New York Stock Exchange:	BNY

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/04:	$12.98

Net Asset Value as of 4/30/04:	$14.84

Yield on Closing Market Price as of 4/30/04 ($12.98):¹	6.97	%

Current Monthly Distribution per Common Share:²	$0.075339

Current Annualized Distribution per Common Share:²	$0.904068

Leverage as of 4/30/04:³	37	%

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


	4/30/04	10/31/03	Change		High	Low

Market Price	$12.98	$13.45	(3.49	)%	$14.82	$12.90

NAV	$14.84	$14.76	0.54	%	$15.73	$14.74

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

Sector Breakdown


Sector	April 30, 2004		October 31, 2003

Transportation	17	%	17	%

Education	14		9

Lease Revenue	13		19

Industrial & Pollution Control	13		10

Tobacco	11		11

Housing	7		8

City, County & State	6		6

Hospital	5		5

Water & Sewer	4		4

Tax Revenue	3		4

Other	7		7

Credit Breakdown⁴


Credit Rating	April 30, 2004		October 31, 2003

AAA/Aaa	20	%	23	%

AA/Aa	22		23

A	22		25

BBB/Baa	24		19

BB/Ba	1		—

CCC/Caa	3		3

Not Rated⁵	8		7

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

⁵The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $21,951,775, representing 7.6% of the Trust’s long-term investments.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock Investment Quality Municipal Trust (BKN)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—152.2%
				Alabama—5.9%
AAA	$	14,000		Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA	09/10 @ 101	$	15,064,140

				Alaska—2.4%
AAA		6,015		Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA	12/05 @ 102		6,236,472

				California—22.8%
				California, GO,
Baa1		7,500		5.25%, 4/01/27	04/14 @ 100		7,405,500
Baa1		5,770		5.625%, 5/01/18	05/10 @ 101		6,166,399
BBB		3,000		Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40	01/10 @ 101		3,046,290
				Golden St. Tobacco Sec. Corp., Ser. B,
AAA		1,495		5.00%, 6/01/38, AMBAC	06/13 @ 100		1,449,522
BBB		13,000		5.50%, 6/01/43	06/13 @ 100		12,861,420
BBB		6,900		5.625%, 6/01/38	06/13 @ 100		6,893,445
AAA		10,945		Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA	08/13 @ 53.632		3,474,928
AAA		15,460		Los Angeles Cnty., Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC	No Opt. Call		17,401,312

							58,698,816

				Colorado—2.2%
AAA		3,100		Arapahoe Cnty. Cap. Impvt. Hwy. Trust Fund, Ser. E, Zero Coupon, 8/31/04	ETM		3,089,057
AAA		2,250	³	3E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05	N/A		2,482,538

							5,571,595

				Connecticut—1.6%
BBB-		3,000		Mashantucket Western Pequot Tribe, Ser. A, 5.50%, 9/01/28	09/09 @ 101		2,948,580
BBB-		1,140		Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 5.25%, 1/01/33	01/14 @ 100		1,080,321

							4,028,901

				Delaware—3.1%
NR		7,000	^4,5	Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50	11/10 @ 100		8,008,140

				District of Columbia—2.4%
AAA		1,705		Dist. of Columbia, GO, Ser. E, 6.00%, 6/01/09, CAPMAC	ETM		1,726,568
BBB		4,960		Tobacco Settlement Fin. Corp., 6.50%, 5/15/33	No Opt. Call		4,466,976

							6,193,544

				Florida—7.4%
AAA		665		Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.55%, 7/01/14	01/05 @ 102		683,514
NR		3,700		Hillsborough Cnty. Ind. Dev. Auth., National Gypsum, Ser. A, 7.125%, 4/01/30	10/10 @ 101		3,799,419
BB		4,755		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21	11/14 @ 100		4,685,482
NR		10,000		Village Cmnty. Dev. Dist. No. 6, Spl. Assmnt. Rev., 5.625%, 5/01/22	05/13 @ 100		9,792,000

							18,960,415

				Georgia—1.6%
AAA		4,260		Atlanta Wtr. & Wstwtr., Ser. A, 5.00%, 11/01/39, MBIA	05/12 @ 100		4,212,714

				Hawaii—1.1%
AAA		2,500		Hawaii Dept. of Budget & Fin., Hawaiian Elec. Co. Inc., Ser. D, 6.15%, 1/01/20, AMBAC	01/09 @ 101		2,783,225

				Illinois—12.5%
NR		1,920		Centerpoint Intermodal Ctr., Ser. A, 8.00%, 6/15/23	No Opt. Call		1,872,768
AAA		10,000		Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC	12/07 @ 102		11,316,400
AAA		5,000		Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA	ETM		6,361,000
				Illinois Edl. Fac. Auth., FGIC,
AAA		4,000		5.45%, 7/01/14	06/04 @ 102		4,058,000
AAA		5,000		5.70%, 7/01/13	06/04 @ 102		5,074,850
AAA		3,540		O’Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA	01/14 @ 100		3,551,293

							32,234,311

				Indiana—3.0%
BBB		7,420		Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 7.10%, 1/15/17	07/04 @ 102		7,647,423

				Kentucky—2.1%
AAA		15,715		Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/23, MBIA	No Opt. Call		5,463,791

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				Louisiana—3.4%
AAA	$	4,640		New Orleans, GO, 5.875%, 11/01/29, FSA	11/09 @ 100	$	5,030,595
BBB		4,460		Tobacco Settlement Fin. Corp., Ser. B, 5.875%, 5/15/39	05/11 @ 101		3,712,192

							8,742,787

				Maryland—2.3%
BBB		1,740		Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33	08/14 @ 100		1,681,397
NR		4,000	^4,5	MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50	11/10 @ 100		4,342,600

							6,023,997

				Michigan—1.6%
BB+		4,000	⁶	Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09	07/07 @ 101		4,150,200

				Missouri—1.6%
				Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,
BBB-		2,000		5.25%, 12/01/14	12/08 @ 102		1,961,520
BBB-		2,500		5.25%, 12/01/26	12/08 @ 102		2,204,350

							4,165,870

				New Jersey—4.0%
AAA		2,000		Delaware River Port. Auth. of PA & NJ, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA	01/10 @ 100		2,179,580
AA		7,000	³	New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 06/15/10	N/A		8,063,090

							10,242,670

				New Mexico—0.8%
AAA		1,945		Farmington PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA	06/04 @ 101		1,970,518

				New York—14.2%
				New York City, GO,
A+		4,140		Ser. A, 6.00%, 8/01/05	No Opt. Call		4,360,869
A+		7,000	⁷	Ser. E, 6.50%, 2/15/06	No Opt. Call		7,552,300
				New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A-		4,000		6.00%, 1/01/08	06/04 @ 102		4,089,360
A-		1,000		6.00%, 1/01/15	06/04 @ 102		1,022,340
				New York City Transl. Fin. Auth., Ser. B,
AA+		8,145	³	6.00%, 5/15/10	N/A		9,482,653
AA+		1,855		6.00%, 11/15/21	05/10 @ 101		2,088,656
				New York Dorm. Auth.,
AAA		3,000	³	St. Univ. Edl. Fac., Ser. B, 6.10%, 5/15/04	N/A		3,064,290
AAA		1,865		Univ. of Rochester, Ser. A, Zero Coupon, 7/01/21, MBIA	07/10 @ 101		1,401,622
AAA		2,030		Univ. of Rochester, Ser. A, Zero Coupon, 7/01/23, MBIA	07/10 @ 101		1,514,664
A+		1,955		New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%, 11/01/04	No Opt. Call		2,001,060

							36,577,814

				North Carolina—2.2%
AAA		5,000		No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC	No Opt. Call		5,730,250

				Ohio—3.7%
				Cuyahoga Cnty.,
A1		3,485		Cleveland Clinic Hlth. Sys., 6.00%, 1/01/20	07/13 @ 100		3,764,148
A1		5,000		Cleveland Clinic Hlth. Sys., 6.00%, 1/01/21	07/13 @ 100		5,389,000
AAA		335	⁵	Port Dev. Proj., 6.00%, 3/01/07	ETM		361,646

							9,514,794

				Oregon—1.7%
BB+		4,300		Klamath Falls Elec., Klamath Cogen, 5.50%, 1/01/07	No Opt. Call		4,358,953

				Pennsylvania—5.1%
				McKeesport Area Sch. Dist., FGIC,
AAA		870		Zero Coupon, 10/01/31	ETM		202,510
AAA		2,435		Zero Coupon, 10/01/31	No Opt. Call		548,873
				Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,
A3		2,000		6.25%, 11/01/31	05/11 @ 101		2,041,620
A3		3,100		6.375%, 11/01/41	05/11 @ 101		3,169,099
A		2,750		Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs.,
				Ser. A, 5.875%, 1/01/15	01/06 @ 101		2,872,733
AAA		4,000		Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog.,
				5.50%, 6/15/20, FGIC	06/06 @ 100		4,265,600

							13,100,435

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				Rhode Island—0.8%
AAA	$	2,000		Rhode Island Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA	05/07 @ 102	$	2,164,420

				South Carolina—3.3%
				So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,
BBB		2,185		Ser. A, 6.25%, 8/01/31	08/13 @ 100		2,250,441
BBB		4,000		Ser. C, 6.875%, 8/01/27	08/13 @ 100		4,311,560
BBB		2,090		Tobacco Settlement Rev. Mgmt. Auth., Ser. B, 6.375%, 5/15/30	No Opt. Call		1,881,334

							8,443,335

				Tennessee—5.1%
A3		7,800		Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24	09/04 @ 102		7,994,298
AAA		4,865		Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC	03/10 @ 101		5,194,020

							13,188,318

				Texas—14.4%
BBB		6,000		Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38	10/13 @ 101		6,439,800
				Dallas Cnty. Util. & Cap. Reclam. Dist., Ser. A, AMBAC,
AAA		6,085		Zero Coupon, 2/15/19	02/05 @ 44.538		2,628,781
AAA		3,800		Zero Coupon, 2/15/20	02/05 @ 41.799		1,539,722
AAA		6,000		Grapevine, GO, 5.875%, 8/15/24, FGIC	08/10 @ 100		6,503,700
AAA		5,000		Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA	11/30 @ 61.166		630,200
BBB		1,930		Matagorda Cnty. Navigation Dist. No. 1, 5.60%, 3/01/27	03/14 @ 101		1,925,001
BBB		7,000		Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30	05/12 @ 101		7,283,710
Baa1		6,320		Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev., 5.80%, 11/01/26	11/11 @ 102		6,157,387
AAA		15,000		Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC	08/12 @ 32.807		2,969,100
AA+		1,000		Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22	08/10 @ 100		1,092,150

							37,169,551

				Utah—1.6%
				Intermountain Pwr. Agcy., Sply.,
AAA		2,810		5.00%, 7/01/13, AMBAC	ETM		2,863,671
A+		1,145		Ser. B, 5.00%, 7/01/16	ETM		1,147,427

							4,011,098

				Washington—7.7%
				Washington, GO,
Aa1		4,000		Ser. A, 5.375%, 7/01/21	07/06 @ 100		4,172,840
Aa1		1,000		Ser. B, 6.00%, 1/01/25	01/10 @ 100		1,108,630
AAA		13,395		Washington Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA	07/06 @ 102		14,598,139

							19,879,609

				Wisconsin—6.5%
BBB		14,800		Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32	06/12 @ 100		13,284,776
A-		3,220		Wisconsin Hlth. & Edl. Facs. Auth., Aurora Hlth. Care, 6.40%, 4/15/33	04/13 @ 100		3,386,506

							16,671,282

				Wyoming—4.1%
A3		10,000		Sweetwater Cnty. PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26	07/06 @ 102		10,589,700

				Total Long-Term Investments (cost $369,304,923)			391,799,088


				SHORT-TERM INVESTMENTS—2.5%
				Georgia—0.8%
A1+		2,100	⁸	Mun. Elec. Auth., Proj. 1, Ser. C, 1.03%, 5/05/04, MBIA, FRWD	N/A		2,100,000

				Massachusetts—0.3%
A1+		800	⁸	Dev. Fin. Agcy., Var-Boston Univ., Ser. R-2, 1.04%, 5/03/04, XLCA, FRDD	N/A		800,000

				Virginia—0.9%
A1+		2,400	⁸	Loudoun Cnty. Indl. Dev. Auth., Howard Hughes Med., Ser. C, 1.08%, 5/03/04, FRDD	N/A		2,400,000

				Puerto Rico—0.2%
A-1		400	⁸	Puerto Rico Comnwlth. Govt. Dev. Bank, Zero Coupon, 5/05/04, MBIA, FRWD	N/A		400,000

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Shares
(000)	Description	Value

	Money Market Fund—0.3%
800	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	800,000

	Total Short-Term Investments (cost $6,500,000)		6,500,000

	Total Investments—154.7% (cost $375,804,923)	$	398,299,088
	Other assets in excess of liabilities—2.2%		5,710,081
	Preferred shares at redemption value, including dividends payable—(56.9)%		(146,572,927

	Net Assets Applicable to Common Shareholders—100%	$	257,436,242

¹ Using the higher of S&P’s, Moody’s or Fitch’s rating.

² Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

³ This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as to 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, 2004, the Trust held 4.8% of its net assets, with a current market value of $12,350,740, in securities restricted as to resale.

⁵ Security is deemed to be of investment grade quality by the investment advisor.

⁶ See Note 7 of Notes to Financial Statements.

⁷ Entire or partial principal amount pledged as collateral for financial futures contracts.

⁸ For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of April 30, 2004.


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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock Municipal Income Trust (BFK)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—156.6%
				Alabama—6.2%
Baa2	$	7,000		Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19	06/05 @ 102	$	7,328,230
A2		15,000		Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32	06/12 @ 101		15,464,850
BBB		15,000		Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35	05/12 @ 100		15,534,450

							38,327,530

				Arizona—1.2%
A3		7,000		Scottsdale Ind. Dev. Auth., Scottsdale Htlh. Care, 5.80%, 12/01/31	12/11 @ 101		7,215,950

				California—24.7%
Baa1		15,000		California, GO, 5.20%, 4/01/26	04/14 @ 100		14,768,250
A		19,000		California Infrastructure & Econ. Dev., J. David Gladstone Inst. Proj., 5.25%, 10/01/34	10/11 @ 101		18,331,960
A		5,000		California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33	04/13 @ 100		5,085,950
				Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB		54,635		Zero Coupon, 1/15/32	01/10 @ 27.37		10,333,117
BBB		20,535		Zero Coupon, 1/15/34	01/10 @ 24.228		3,392,793
BBB		75,000		Zero Coupon, 1/15/38	01/10 @ 19.014		9,522,000
				Golden St. Tobacco Sec. Corp.,
BBB		10,000		Ser. A-1, 6.75%, 6/01/39	06/13 @ 100		9,402,000
AAA		3,550		Ser. B, 5.00%, 6/01/38, AMBAC	06/13 @ 100		3,442,009
BBB		30,600		Ser. B, 5.50%, 6/01/43	06/13 @ 100		30,273,804
BBB		16,500		Ser. B, 5.625%, 6/01/38	06/13 @ 100		16,484,325
				Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,
B-		20,055		Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24	12/12 @ 102		17,428,196
AAA		13,320		Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC	01/12 @ 100		13,409,777

							151,874,181

				Colorado—0.6%
BBB		3,500		Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31	12/11 @ 100		3,403,610

				Connecticut—5.0%
A3		5,950		Connecticut Dev. Auth., Connecticut Lt. & Pwr., PCR, Ser. A, 5.85%, 9/01/28	10/08 @ 102		6,192,225
				Mohegan Tribe Indians, Pub. Impvt. Priority Dist.,
BBB-		2,730		5.25%, 1/01/33	01/14 @ 100		2,587,084
BBB-		20,940		6.25%, 1/01/31	01/11 @ 101		21,842,933

							30,622,242

				Delaware—6.2%
				Charter Mac Equity Issuer Trust,
NR		1,000	^3,4	Ser. A, 6.625%, 6/30/49	06/09 @ 100		1,107,830
NR		11,000	^3,4	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100		12,022,340
NR		16,000	^3,4	Ser. A-3, 6.80%, 10/01/52	10/14 @ 100		17,830,240
NR		6,500	^3,4	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100		7,147,985

							38,108,395

				District of Columbia—5.8%
				Dist. of Columbia,
A		2,390		Friendship Pub. Charter Sch. Inc., 5.25%, 6/01/33, ACA	06/14 @ 100		2,304,056
AAA		15,600		Georgetown Univ., Ser. A, Zero Coupon, 4/01/36, MBIA	04/11 @ 22.875		2,370,420
AAA		51,185		Georgetown Univ., Ser. A, Zero Coupon, 4/01/37, MBIA	04/11 @ 21.546		7,312,801
BBB		25,535		Tobacco Settlement Fin. Corp., 6.75%, 5/15/40	05/11 @ 101		23,423,000

							35,410,277

				Florida—8.0%
Baa2		4,600		Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30	09/06 @ 102		4,722,268
A		9,670		Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31	11/11 @ 101		10,151,179
BBB-		9,000		Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25	12/04 @ 102		9,251,100
BB		11,685		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21	11/14 @ 100		11,514,165
NR		3,970		Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35	05/14 @ 100		3,968,452
NR		10,000		Village Cmnty. Dev. Dist. No. 6, Spl. Assmnt. Rev., 5.625%, 5/01/22	05/13 @ 100		9,792,000

							49,399,164

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				Georgia—2.3%
AAA	$	9,905		Atlanta Wtr. & Wstwtr., Ser. A, 5.00%, 11/01/39, MBIA	05/12 @ 100	$	9,795,055
BBB		4,000		Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25	02/12 @ 101		4,160,720

							13,955,775

				Idaho—2.8%
AAA		16,970		Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC	04/11 @ 100		17,420,044

				Illinois—17.1%
				Bolingbrook, Ser. B, FGIC,
AAA		14,085		Zero Coupon, 1/01/34	No Opt. Call		2,657,981
AAA		7,120		Zero Coupon, 1/01/33	No Opt. Call		1,425,495
NR		4,630		Centerpoint Intermodal Ctr., Ser. A, 8.00%, 6/15/23	No Opt. Call		4,516,102
				Illinois Dev. Fin. Auth.,
A		7,095	⁵	Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24	11/09 @ 101		7,155,095
A		25,000		PCR, Ser. C, 5.95%, 8/15/26	12/06 @ 101		25,611,250
				Illinois Edl. Facs. Auth.,
BBB		10,000		Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30	05/12 @ 101		10,178,600
BBB		7,000		Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34	05/07 @ 100		7,184,240
AAA		20,000		Univ. of Chicago, Ser. A, 5.25%, 7/01/41	07/11 @ 101		20,211,600
				Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,
A2		5,000		5.50%, 1/01/22	01/13 @ 100		5,097,600
A2		6,000		5.625%, 1/01/28	01/13 @ 100		6,072,720
AAA		40,000		Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion
				Proj., Ser. A, Zero Coupon, 12/15/34, MBIA	No Opt. Call		7,152,400
AAA		7,645		O'Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA	01/14 @ 100		7,669,387

							104,932,470

				Indiana—5.8%
A+		9,000		Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31	09/11 @ 100		8,938,980
				Petersburg, PCR, Pwr. & Lt. Conv.,
BBB		10,000		5.90%, 12/01/24	08/11 @ 102		10,221,700
BBB		16,000		5.95%, 12/01/29	08/11 @ 102		16,353,760

							35,514,440

				Kentucky—1.5%
AAA		9,060		Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32	07/11 @ 100		9,069,875

				Louisiana—4.5%
				Louisiana Local Gov't. Env. Facs. & Cmnty. Dev. Auth.,
A		21,425		Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA	No Opt. Call		23,237,341
Baa1		4,605		Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38	06/13 @ 102		4,504,565

							27,741,906

				Maryland—2.0%
BBB		4,205		Maryland St. Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33	08/14 @ 100		4,063,376
NR		8,000	^3,4	MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 06/30/49	06/09 @ 100		8,523,840

							12,587,216

				Massachusetts—2.6%
AAA		15,925		Massachusetts Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/39, AMBAC	01/09 @ 101		15,697,273

				Michigan—2.9%
AA		17,210		Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31	07/11 @ 101		17,540,948

				Mississippi—3.1%
A		18,680		Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31	07/11 @ 100		18,882,865

				New Hampshire—0.6%
A+		3,500		New Hampshire Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31	10/11 @ 101		3,562,370

				New Jersey—8.9%
				New Jersey Econ. Dev. Auth.,
B		31,410		Continental Airlines Inc. Proj., 7.00%, 11/15/30	11/10 @ 101		26,979,619
Baa3		8,000		Kapkowski Road Landfill Proj., 6.50%, 4/01/28	No Opt. Call		9,027,200
				Tobacco Settlement Fin. Corp.,
BBB		18,000		6.75%, 6/01/39	06/13 @ 100		17,010,900
BBB		2,000		7.00%, 6/01/41	06/13 @ 100		1,976,460

							54,994,179

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²	Value

			Ohio—2.4%
Baa2	$	14,500	Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B,
			6.00%, 8/01/20	08/07 @ 102	$	14,735,625

			Pennsylvania—4.6%
A3		6,500	Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41	05/11 @ 101		6,644,885
			Pennsylvania Higher Edl. Facs. Auth.,
BBB+		4,000	La Salle Univ., 5.50%, 5/01/34	05/13 @ 100		3,937,160
A		17,250	Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22	01/06 @ 101		17,808,037

						28,390,082

			South Carolina—4.9%
			Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,
A		5,000	5.50%, 11/01/32	11/13 @ 100		5,042,700
A		10,000	5.75%, 11/01/28	11/13 @ 100		10,307,100
			So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,
BBB		5,075	Ser. A, 6.25%, 8/01/31	08/13 @ 100		5,226,996
BBB		9,000	Ser. C, 6.875%, 8/01/27	08/13 @ 100		9,701,010

						30,277,806

			South Dakota—2.1%
BBB		14,000	Edl. Enhancement Fdg. Corp., Tobacco Settlement, Ser. B, 6.50%, 6/01/32	06/12 @ 101		12,933,480

			Tennessee—1.4%
AAA		20,825	Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon,
			1/01/20, FSA	01/13 @ 67.474		8,744,834

			Texas—17.1%
			Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C,
BBB		8,655	5.75%, 5/01/36	No Opt. Call		9,280,583
BBB		1,320	6.75%, 10/01/38	10/13 @ 101		1,416,756
			Harris Cnty. Houston Sports Auth., MBIA,
AAA		12,580	Ser. A, Zero Coupon, 11/15/38	11/30 @ 61.166		1,585,583
AAA		5,000	Ser. H, Zero Coupon, 11/15/35	11/31 @ 78.178		749,450
BBB		4,670	Matagorda Cnty. Navigation Dist. No. 1, 5.60%, 3/01/27	03/14 @ 101		4,657,905
BBB		20,000	Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30	05/12 @ 101		20,810,600
BBB		4,450	Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 11/01/11	No Opt. Call		4,771,646
			Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev.,
Baa1		6,010	5.80%, 11/01/26	11/11 @ 102		5,855,363
Baa1		18,605	Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31	11/11 @ 102		17,998,105
BBB-		6,515	So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32	09/12 @ 102		6,051,327
BBB-		4,435	Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32	09/12 @ 102		4,119,361
			Texas Tpke. Auth., Central Sys. Rev., AMBAC,
AAA		35,000	Zero Coupon, 8/15/32	08/12 @ 30.846		6,505,800
AAA		62,325	Zero Coupon, 8/15/33	08/12 @ 28.997		10,876,336
AAA		65,040	Zero Coupon, 8/15/34	08/12 @ 27.31		10,686,072

						105,364,887

			Virginia—0.3%
AAA		8,105	Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA	04/12 @ 34.99		1,683,409

			Washington—0.4%
A-		2,190	Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23	01/07 @ 103		2,269,804

			West Virginia—1.3%
BBB		8,000	Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25	04/05 @ 102		8,294,400

			Wisconsin—9.8%
BBB		26,000	Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32	06/12 @ 100		23,338,120
			Wisconsin Hlth. & Edl. Facs. Auth.,
A-		7,500	Aurora Hlth. Care, 6.40%, 4/15/33	04/13 @ 100		7,887,825
A+		13,750	Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30	10/11 @ 101		13,571,387
A		15,000	Wheaton Franciscan Svcs., 5.75%, 8/15/30	02/12 @ 101		15,440,700

						60,238,032

			U.S. Virgin Islands—0.5%
A		3,080	Virgin Islands Pub. Fin. Auth., 5.00%, 10/01/31, ACA	10/14 @ 100		2,995,331

			Total Long-Term Investments (cost $948,415,442)			962,188,400

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount
Rating¹	(000)			Description	Value

				SHORT-TERM INVESTMENTS—2.3%
				Florida—0.5%
A1+	$	2,900	⁶	Palm Beach Cnty. Sch. Brd., COP, Ser. B, 1.08%, 5/06/04, AMBAC, FRWD	$	2,900,000

				Texas—0.1%
A1+		245	⁶	Brownsville Util. Sys., Ser. A, 1.03%, 5/05/04, MBIA, FRWD		245,000


		Shares
		(000)

				Money Market Fund—1.7%
		10,600		AIM Tax Free Investment Co. Cash Reserve Portfolio		10,600,000

				Total Short-Term Investments (cost $13,745,000)		13,745,000

				Total Investments—158.9% (cost $962,160,442)	$	975,933,400
				Other assets in excess of liabilities—2.2%		13,542,803
				Preferred shares at redemption value, including dividends payable—(61.1)%		(375,156,446

				Net Assets Applicable to Common Shareholders—100%	$	614,319,757

¹ Using the higher of S&P’s, Moody’s or Fitch’s rating.

² Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

³ Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2004, the Trust held 7.6% of its net assets, with a current market value of $46,632,235, in securities restricted as to resale.

⁴ Security is deemed to be of investment grade quality by the investment advisor.

⁵ Entire or partial principal amount pledged as collateral for financial futures contracts.

⁶ For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of April 30, 2004.


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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock California Investment Quality Municipal Trust (RAA)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—135.5%
				California—128.3%
				California, GO,
Baa1	$	960	³	5.75%, 3/01/05	N/A	$	1,005,120
Baa1		40		5.75%, 3/01/19	03/05 @ 101		41,593
				California Cnty. Tobacco Sec. Agcy.,
BBB		1,000		Ser. B, 6.00%, 6/01/29	06/12 @ 100		903,040
BBB		900		Stanislaus Fdg., Ser. A, 5.875%, 6/01/43	06/12 @ 100		760,896
				California Edl. Facs. Auth., MBIA,
AAA		760	³	Santa Clara Univ., 5.00%, 9/01/06	N/A		832,382
AAA		835		Student Loan Prog., Ser. A, 6.00%, 3/01/16	03/07 @ 102		878,412
				California Pub. Wks. Brd., Lease Rev., Ser. A,
BBB-		1,000	³	Dept. of Corrections., 6.875%, 11/01/04	N/A		1,048,740
A3		1,000		St. Univ. Proj., 6.10%, 10/01/06	10/04 @ 102		1,037,590
				Golden St. Tobacco Sec. Corp., Ser. B,
BBB		600		5.50%, 6/01/43	06/13 @ 100		593,604
BBB		400		5.625%, 6/01/38	06/13 @ 100		399,620
				Los Angeles Cnty.,
AAA		1,000		Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA	09/07 @ 102		1,099,240
AAA		1,000	³	Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA	N/A		1,101,370
Aa3		1,000	³	Los Angeles Cnty. Pub. Wks. Fin. Auth., Regl. Park & Open Space, Dist. A, 6.00%,
				10/01/04	N/A		1,040,300
AA		1,150		Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13	08/06 @ 101		1,246,358
B-		945	⁴	Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. B,
				7.50%, 12/01/24	12/12 @ 102		821,224
NR		1,000	⁴	Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33	09/10 @ 102		962,340
BBB-		1,000		Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09	07/06 @ 102		1,089,690
NR		1,000	⁴	San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33	09/12 @ 102		956,990
AAA		500		San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC	06/04 @ 101		507,050
				San Francisco City & Cnty. Arpt. Comn., Intl. Arpt. Rev.,
AAA		150		Ser. 12-A, 5.90%, 5/01/26, MBIA	05/06 @ 101		159,511
AAA		1,000		Ser. 6, 6.125%, 5/01/09, AMBAC	05/04 @ 102		1,020,000
AAA		40		So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA	06/04 @ 100		40,196
AAA		500		Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC	08/07 @ 102		541,305
AAA		370		West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC	08/07 @ 101		394,117

							18,480,688

				Puerto Rico—7.2%
BBB+		1,000		Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29	02/12 @ 100		1,033,020

				Total Long-Term Investments (cost $18,959,797)			19,513,708

See Notes to Financial Statements.

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

Shares
(000)	Description	Value

	MONEY MARKET FUNDS—9.7%
700	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	700,001
700	SSgA Tax Free Money Mkt. Fund		700,000

	Total Money Market Funds (cost $1,400,001)		1,400,001

	Total Investments—145.2% (cost $20,359,798)	$	20,913,709
	Other assets in excess of liabilities—6.8%		984,577
	Preferred shares at redemption value, including dividends payable—(52.0)%		(7,500,186

	Net Assets Applicable to Common Shareholders—100%	$	14,398,100

¹ Using the higher of S&P’s, Moody’s or Fitch’s rating.

² Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

³ This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

⁴ See Note 7 of Notes to Financial Statements.


KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corporation	FSA	—	Financial Security Assurance
COP	—	Certificate of Participation	GO	—	General Obligation
FGIC	—	Financial Guaranty Insurance Company	MBIA	—	Municipal Bond Insurance Association

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock California Municipal Income Trust (BFZ)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

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

See Notes to Financial Statements.

BlackRock California Municipal Income Trust (BFZ) (continued)

	Principal
	Amount					Option Call
Rating¹	(000)			Description		Provisions²	Value

				California—(cont’d)
				Santa Clara Cnty. Hsg. Auth., Mult. Fam. Hsg., Ser. A,
NR	$	6,250		Blossom River Apts., 6.50%, 9/01/39		03/08 @ 102	$	5,667,250
A3		1,715		John Burns Gardens Apts. Proj., 5.85%, 8/01/31		02/12 @ 101		1,715,978
A3		1,235		River Town Apts. Proj., 6.00%, 8/01/41		02/12 @ 101		1,241,533
NR		3,075		Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32		11/10 @ 102		3,020,542
BBB		5,345		Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41		06/11 @ 100		4,176,850
				Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,
BBB		7,000		5.50%, 6/01/36		06/12 @ 100		5,708,850
BBB		11,500		5.625%, 6/01/43		06/12 @ 100		9,341,105
AAA		2,000		Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA		08/13 @ 100		2,031,480
NR		2,245		Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28		10/13 @ 102		2,228,162
A2		2,000		Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33		04/08 @ 100		2,012,440

								282,685,043

				Delaware—5.6%
				Charter Mac Equity Issuer Trust,
NR		7,000	^4,5	Ser. A-2, 6.30%, 6/30/49		06/09 @ 100		7,650,580
NR		4,000	^4,5	Ser. B-1, 6.80%, 11/30/50		11/10 @ 100		4,398,760

								12,049,340

				Maryland—4.9%
				MuniMae TE Bond Subsidiary, LLC,
NR		7,000	^4,5	Ser. A, 6.30%, 6/30/49		06/09 @ 100		7,279,510
NR		3,000	^4,5	Ser. B, 6.80%, 6/30/50		11/10 @ 100		3,106,260

								10,385,770

				Puerto Rico—12.6%
A-		10,000		Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31		07/12 @ 101		10,146,600
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		10,000		5.70%, 8/01/25		02/10 @ 100		10,629,300
BBB+		5,750		5.75%, 8/01/30		02/07 @ 100		6,041,755

								26,817,655

				Total Long-Term Investments (cost $	335,239,992)			331,937,808


		Shares
		(000)

				MONEY MARKET FUND—4.2%
		9,000		AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $9,000,000)		N/A		9,000,000

				Total Investments—159.8% (cost $	344,239,992)		$	340,937,808
				Other assets in excess of liabilities—2.1%				4,428,159
				Preferred shares at redemption value, including dividends payable—(61.9)%				(131,957,495

				Net Assets Applicable to Common Shareholders—100%			$	213,408,472

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

3Entire or partial principal amount pledged as collateral for financial futures contracts.

⁴Security is deemed to be of investment grade quality by the investment advisor.

⁵Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2004, the Trust held 10.5% of its net assets, with a current market value of $22,435,110, in securities restricted as to resale.


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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock Florida Investment Quality Municipal Trust (RFA)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—146.9%
				Florida—126.2%
AAA	$	170		Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC	ETM	$	200,818
AAA		1,000		Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC	07/06 @ 102		1,067,810
Baa1		1,000		Capital Trust Agcy. Multi-Fam., American Opp., Ser. A, 5.875%, 6/01/38	06/13 @ 102		924,910
AAA		1,000		Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA	02/06 @ 101		1,034,460
AAA		1,000		Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA	10/05 @ 102		1,066,070
AAA		1,000	³	Dade Cnty. GO, Ser. B, Zero Coupon, 10/1/08, AMBAC	N/A		629,150
AAA		1,000	³	Dade Cnty. Sch. Brd., COP, Ser. A, 6.00%, 5/1/04, MBIA	N/A		1,010,000
AAA		1,000	³	First Florida Govt’l. Fin. Com., 5.75%, 7/1/06, AMBAC	N/A		1,092,740
AA+		1,000	³	Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/1/05	N/A		1,058,960
AAA		500		Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%,
				3/01/15, AMBAC	03/05 @ 102		528,900
AAA		1,000	³	Florida Dept. of Trans., GO, 5.80%, 7/1/05	N/A		1,061,880
AAA		1,000	³	Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn., Ser. A,
				5.75%, 7/1/05, AMBAC	N/A		1,061,300
AAA		280		Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.25%, 7/01/11	07/04 @ 102		286,185
AAA		1,000		Jacksonville Cap. Impvt., Gator Bowl Proj., 5.50%, 10/01/14, AMBAC	10/04 @ 101		1,025,330
AAA		1,000	³	Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA	N/A		1,080,960
BB		500		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21	11/14 @ 100		492,690
AAA		5,000		Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA	04/08 @ 28.079		1,051,200
A+		750		Miami Hlth. Facs. Auth., Catholic Hlth. East, Ser. C, 5.125%, 11/15/24	11/13 @ 100		726,330
AA-		1,000		Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys., 5.50%, 11/15/33	05/13 @ 100		1,013,120
AAA		1,000	³	Seminole Cnty. Sch. Brd., COP, Ser. A, 6.125%, 7/01/04, MBIA	N/A		1,028,060
NR		660	⁴	Stevens Plantation Impvt. Proj., 6.375%, 5/01/13	No Opt. Call		661,927
NR	1,000		⁴	Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33	05/13 @ 101		1,036,130
AAA		1,000	³	Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC	N/A		1,099,650
BBB+		1,000		Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16	10/06 @ 102		1,053,460

							21,292,040

				Puerto Rico—20.7%
				Puerto Rico Elec. Pwr. Auth.,
AAA		1,000	³	Ser. T, 6.375%, 7/01/04	N/A		1,028,450
A-		1,000		Ser. U, 6.00%, 7/01/14	07/04 @ 102		1,024,440
A-		380	³	Puerto Rico Pub. Bldg. Auth., Pub. Ed. & Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05	N/A		398,689
BBB+		1,000		Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29	02/12 @ 100		1,033,020

							3,484,599

				Total Investments—146.9% (cost $23,422,988)		$	24,776,639
				Other assets in excess of liabilities—3.5%			589,658
				Preferred shares at redemption value, including dividends payable—(50.4)%			(8,500,244	)

				Net Assets Applicable to Common Shareholders—100%		$	16,866,053

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

³This 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.

⁴See Note 7 of Notes to Financial Statements.


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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock Florida Municipal Income Trust (BBF)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—155.0%
				Florida—134.3%
AA	$	7,715		Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32	05/12 @ 102	$	8,007,013
A		2,000		Boynton Beach Multi-Family Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA	01/13 @ 100		2,008,060
AAA		2,800		Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Loan Prog., Ser. F-1,
				5.00%, 10/01/31, MBIA	08/11 @ 102		2,762,844
Baa1		1,000		Capital Trust Agcy. Multi-Family, American Opp., Ser. A, 5.875%, 6/01/38	06/13 @ 102		924,910
AAA		7,000	³	Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC	No Opt. Call		7,144,060
				Florida Brd. of Ed., GO,
AA+		5,550		Ser. A, 5.125%, 6/01/30	06/10 @ 101		5,639,965
AAA		1,000		Ser. J, 5.00%, 6/01/24, AMBAC	06/13 @ 101		1,011,350
A		3,000		Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29	10/09 @ 102		3,070,740
NR		2,870		Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08	No Opt. Call		2,878,983
NR		1,715		Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34	05/13 @ 101		1,764,032
A		6,500		Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31	11/11 @ 101		6,823,440
BBB+		1,450		Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23	10/12 @ 100		1,415,838
AA		7,500		Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%, 11/15/36	11/11 @ 101		7,691,700
AAA		4,000		Jacksonville Transp., 5.00%, 10/01/26, MBIA	10/11 @ 100		4,021,880
				JEA Elec. Sys.,
AA+		5,000		5.20%, 10/01/33	06/04 @ 100.5		5,003,100
AA+		5,000		Ser. A, 5.50%, 10/01/41	10/07 @ 100		5,218,550
AA		7,500		JEA Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37	10/06 @ 100		7,580,550
NR		1,675		Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33	05/13 @ 101		1,697,964
AAA		2,770		Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC	ETM		1,180,657
BB		3,000		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21	11/14 @ 100		2,956,140
AAA		1,000		Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC	07/11 @ 101		1,019,730
				Miami Dade Cnty., Spec. Oblig. Rev., MBIA,
AAA		2,595		Ser. A, Zero Coupon, 10/01/19	04/08 @ 55.413		1,143,435
AAA		9,700		Ser. B, Zero Coupon, 10/01/33	04/08 @ 25.056		1,808,953
AAA		25,000		Ser. C, Zero Coupon, 10/01/28	04/08 @ 32.99		6,280,750
				No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43,
NR		1,680		6.10%, 8/01/21	08/11 @ 101		1,718,203
NR		3,500		6.125%, 8/01/31	08/11 @ 101		3,541,650
AAA		2,500		Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC	08/11 @ 101		2,515,150
Aa3		12,000		So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33	02/13 @ 100		11,985,600
AAA		1,500		St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA	10/09 @ 101		1,505,400
NR		2,850		Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32	10/09 @ 100		2,864,336
NR		2,000		Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33	05/13 @ 101		2,072,260
AA		5,500		Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA	04/12 @ 100		5,725,995
AA		4,000		Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26	10/11 @ 101		4,013,880
				Village Cmnty. Dev. Dist., Assmt. Rev., Ser. A,
NR		4,000		6.00%, 5/01/22	05/13 @ 101		4,040,920
NR		1,950		6.50%, 5/01/33	05/13 @ 101		2,011,659
BBB+		2,000		Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%, 10/15/29	10/09 @ 101		2,019,920

							133,069,617

				Puerto Rico—20.7%
BBB		6,000		Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12 @ 100		5,536,620
A-		7,500		Puerto Rico, GO, Ser. A, 5.125%, 7/01/31	07/11 @ 100		7,510,125
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		4,000		5.70%, 8/01/25	02/10 @ 100		4,251,720
BBB+		3,000		5.75%, 8/01/30	02/07 @ 100		3,152,220

							20,450,685

				Total Long-Term Investments (cost $151,305,123)			153,520,302

See Notes to Financial Statements.

BlackRock Florida Municipal Income Trust (BBF) (continued)

Shares
(000)	Description	Value

	MONEY MARKET FUND—0.9%
900	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $900,000)	$	900,000

	Total Investments—155.9% (cost $152,205,123)	$	154,420,302
	Other assets in excess of liabilities—2.2%		2,184,398
	Preferred shares at redemption value, including dividends payable—(58.1)%		(57,554,489	)

	Net Assets Applicable to Common Shareholders—100%	$	99,050,211

¹ Using the higher of S&P’s, Moody’s or Fitch’s rating.

² Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

³ Entire or partial principal amount pledged as collateral for financial futures contracts.


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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—144.0%
				New Jersey—122.4%
AAA	$	1,000		Delaware River Port. Auth. of PA & NJ, 5.75%, 1/01/26, FSA	01/10 @ 100	$	1,080,700
AAA		1,000	³	Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA	N/A		1,090,180
Baa1		1,000		Middlesex Cnty. Impvt. Auth., St. Student Hsg. Proj., Ser. A, 5.00%, 8/15/35	08/14 @ 100		970,380
				New Jersey Econ. Dev. Auth.,
B		925	⁴	Continental Airlines Inc. Proj., 7.00%, 11/15/30	11/10 @ 101		794,529
AAA		1,000	³	Mkt. Trans. Fac., Ser. A, 5.875%, 7/01/04, MBIA	N/A		1,027,670
AAA		900		Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA	No Opt. Call		1,016,244
BBB		500		Trigen-Trenton Proj., Ser. A, 6.20%, 12/01/10	06/04 @ 102		510,000
AAA		1,000	³	New Jersey Edl. Fac. Auth., Rowan College, Ser. E, 5.875%, 7/01/06, AMBAC	N/A		1,095,370
				New Jersey Hlth. Care Fac. Fin. Auth.,
A		1,000		Hackensack Univ. Med. Ctr, 6.00%, 1/01/25	01/10 @ 101		1,039,660
AAA		1,000	³	Riverview Med. Ctr., 5.50%, 7/01/04, AMBAC	N/A		1,027,090
AAA		1,000		St. Josephs Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE	07/06 @ 102		1,086,710
AAA		115		New Jersey Hsg. & Mtge. Fin., Home Buyer, Ser. O, 6.35%, 10/01/27, MBIA	10/05 @ 101.5		117,741
				New Jersey Tpke. Auth., Ser. C,
AAA		785		6.50%, 1/01/16, AMBAC	ETM		936,340
AAA		215		6.50%, 1/01/16, AMBAC	No Opt. Call		257,372
				New Jersey Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA,
AAA		375	³	5.50%, 6/15/05	N/A		399,922
AAA		625		5.50%, 6/15/15	06/05 @ 102		663,644
AAA		375	³	5.75%, 6/15/05	N/A		400,954
AAA		625		5.75%, 6/15/14	06/05 @ 102		665,356
AA		1,000	³	No. Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05	N/A		1,037,000
AAA		1,000		Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC	12/09 @ 101		1,112,450
AA-		1,000		Port Auth. of NY & NJ, 5.75%, 12/15/20	06/05 @ 101		1,051,330
BBB		1,000		Tobacco Settlement Fin. Corp., 6.125%, 6/01/42	06/12 @ 100		859,480

							18,240,122

				Delaware—7.4%
NR		1,000	^5,6	Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49	06/09 @ 100		1,107,830

				Puerto Rico—14.2%
AAA		1,000	³	Comnwlth. of Puerto Rico, 5.40%, 7/01/06, FSA	N/A		1,091,300
A-		1,000		Puerto Rico Elec. Pwr. Auth., Ser. U, 6.00%, 7/01/14	07/04 @ 102		1,024,440

							2,115,740

				Total Long-Term Investments (cost $20,107,558)			21,463,692


	Shares
	(000)

				MONEY MARKET FUND—1.0%
		150		AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $150,000)	N/A		150,000

				Total Investments—145.0% (cost $20,257,558)		$	21,613,692
				Other assets in excess of liabilities—5.3%			793,940
				Preferred shares at redemption value, including dividends payable—(50.3)%			(7,500,278	)

				Net Assets Applicable to Common Shareholders—100%		$	14,907,354

¹ Using the higher of S&P’s, Moody’s or Fitch’s rating.

² Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

⁴ See Note 7 of Notes to Financial Statements.

⁵ Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2004, the Trust held 7.4% of its net assets, with a current market value of $1,107,830, in securities restricted as to resale.

⁶ Security is deemed to be of investment grade quality by the investment advisor.


KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corporation	FSA	—	Financial Security Assurance
CONNIE LEE	—	College Construction Loan Insurance Association	GO	—	General Obligation
ETM	—	Escrowed to Maturity	MBIA	—	Municipal Bond Insurance Association

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—154.3%
				New Jersey—110.1%
				Cherry Hill Twnshp., GO,
AA+	$	4,065		5.00%, 7/15/22	07/11 @ 100	$	4,163,292
AA+		4,275		5.00%, 7/15/23	07/11 @ 100		4,349,513
AAA		12,600		Garden St. Presvtn. Trust, Open Space & Farmland Presvtn., Zero Coupon, 11/01/26, FSA	No Opt. Call		3,785,796
AAA		7,750		Middlesex Cnty., COP, 5.00%, 8/01/31, MBIA	08/11 @ 100		7,767,748
				Middlesex Cnty. Impvt. Auth.,
AAA		1,400		Admin. Bldg. Res. Proj., 5.35%, 7/01/34	07/11 @ 100		1,417,234
AAA		4,470		New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35	08/12 @ 100		4,499,279
				New Jersey Econ. Dev. Auth.,
B		3,450		Continental Airlines Inc. Proj., 7.00%, 11/15/30	11/10 @ 101		2,963,378
B		2,000		Continental Airlines Inc. Proj., 7.20%, 11/15/30	11/10 @ 101		1,760,520
BBB-		2,630		First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18	01/09 @ 102		2,559,148
BBB-		4,050		First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24	11/14 @ 100		3,902,823
Baa3		2,500		Kapkowski Road Landfill Proj., 6.50%, 4/01/28	No Opt. Call		2,821,000
Baa3		5,000		Kapkowski Road Landfill Proj., 6.50%, 4/01/31	No Opt. Call		5,488,050
A+		2,000		Masonic Charity Fndtn. Proj., 5.50%, 6/01/31	06/11 @ 102		2,063,740
Aaa		1,970		Victoria Hlth., Ser. A, 5.20%, 12/20/36	12/11 @ 103		2,008,533
				New Jersey Edl. Facs. Auth.,
BBB-		3,000		Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25	07/13 @ 100		3,023,280
BBB+		2,120		Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33	07/13 @ 100		2,264,902
				New Jersey Hlth. Care Fac. Fin. Auth.,
A-		4,500		Atlantic City Med. Ctr., 5.75%, 7/01/25	07/12 @ 100		4,645,170
A+		3,000		Catholic Hlth. East, Ser. A, 5.375%, 11/15/33	11/12 @ 100		3,005,670
A3		10,000	³	Kennedy Hlth. Sys., 5.625%, 7/01/31	07/11 @ 100		10,141,900
Baa1		1,960		So. Jersey Hosp., 6.00%, 7/01/26	07/12 @ 100		2,008,275
Baa1		5,500		So. Jersey Hosp., 6.00%, 7/01/32	07/12 @ 100		5,617,370
BBB+		1,540		So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23	06/04 @ 102		1,565,856
AAA		3,000		New Jersey Hsg. & Mtg. Fin. Agcy., Mult. Fam. Hsg. Rev., Ser. A, 5.05%, 5/01/34, FSA	05/11 @ 100		2,931,990
Aaa		1,970		Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30	06/12 @ 102		2,014,699
AAA		8,000		Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA	12/07 @ 102		8,525,760
BBB		18,000		Tobacco Settlement Fin. Corp., 6.125%, 6/01/42	06/12 @ 100		15,470,640
				Trenton Pkg. Auth., FGIC,
AAA		5,465		5.00%, 4/01/25	04/11 @ 100		5,524,732
AAA		2,000		5.00%, 4/01/30	04/11 @ 100		2,007,840
				Vineland, GO, MBIA,
AAA		1,500		5.30%, 5/15/30	05/10 @ 101		1,528,050
AAA		1,500		5.375%, 5/15/31	05/10 @ 101		1,537,350

							121,363,538

				Delaware—9.4%
				Charter Mac Equity Issuer Trust,
NR		7,000	^4,5	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100		7,650,580
NR		2,500	^4,5	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100		2,749,225

							10,399,805

				Maryland—4.7%
				MuniMae TE Bond Subsidiary, LLC,
NR		3,000	^4,5	Ser. A, 6.30%, 6/30/49	06/09 @ 100		3,119,790
NR		2,000	^4,5	Ser. B, 6.80%, 6/30/50	11/10 @ 100		2,070,840

							5,190,630

				Puerto Rico—30.1%
				Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,
AAA		2,855		Ser. A, 5.20%, 12/01/33	06/11 @ 100		2,867,619
AAA		2,855		Ser. B, 5.30%, 12/01/28	06/11 @ 100		2,858,198
A		5,800		Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38	07/12 @ 100		5,872,964
				Puerto Rico Pub. Bldgs. Auth., Ser. D,
AAA		5,000		Zero Coupon, 7/01/31, AMBAC	07/17 @ 100		3,301,000
A-		6,500		Gov't. Facs., 5.25%, 7/01/36	07/12 @ 100		6,581,770

See Notes to Financial Statements.

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

Principal

Amount

Option Call

Rating¹

(000)

Description

Provisions²

Value

Puerto Rico—(cont’d)

Puerto Rico Pub. Fin. Corp., Ser. E,

BBB+

4,000

5.70%, 8/01/25

02/10 @ 100

4,251,720

BBB+

7,040

5.75%, 8/01/30

02/07 @ 100

7,397,209

33,130,480

Total Long-Term Investments (cost$167,769,856)

170,084,453

Shares

(000)

MONEY MARKET FUND—1.2%

1,300

AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,300,000)

N/A

1,300,000

Total Investments—155.5% (cost $169,069,856)

171,384,453

Other assets in excess of liabilities—2.4%

2,620,531

Preferred shares at redemption value, including dividends payable—(57.9)%

(63,801,732

)

Net Assets Applicable to Common Shareholders—100%

110,203,252

¹ Using the higher of S&P’s, Moody’s or Fitch’s rating.

² Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

³ Entire or partial principal amount pledged as collateral for financial futures contracts.

⁴ Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2004, the Trust held 14.1% of its net assets, with a current market value of $15,590,435, in securities restricted as to resale.

⁵ Security is deemed to be of investment grade quality by the investment advisor.


KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corporation	FSA	—	Financial Security Assurance
COP	—	Certificate of Participation	GO	—	General Obligation
FGIC	—	Financial Guaranty Insurance Company	MBIA	—	Municipal Bond Insurance Association

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock New York Investment Quality Municipal Trust (RNY)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—137.0%
				New York—122.7%
AAA	$	1,000		Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B,
				5.00%, 12/01/33, MBIA	06/08 @ 100	$	991,080
AA-		2,100		Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23	07/13 @ 100		2,120,307
AAA		1,000		Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC	11/06 @ 102		1,079,530
				New York City, GO,
A		820	³	Ser. A, 6.00%, 5/15/10	N/A		952,217
A+		180		Ser. A, 6.00%, 5/15/30	05/10 @ 101		195,763
AA		1,000		Ser. B, 5.70%, 8/15/12	08/05 @ 101		1,060,100
A+		1,000		Ser. I, 5.875%, 3/15/18	03/06 @ 101.5		1,070,160
				New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A-		1,000		6.00%, 1/01/08	06/04 @ 102		1,022,340
A-		1,000		6.10%, 1/01/09	06/04 @ 102		1,022,400
AAA		1,000	³	New York City Mun. Wtr. Fin. Auth., Ser. A, 6.00%, 6/15/05	N/A		1,062,670
				New York City Transl. Fin. Auth., Ser. B,
AA+		815	³	6.00%, 5/15/10	N/A		948,847
AA+		185		6.00%, 11/15/21	05/10 @ 101		208,303
AA+		1,000	³	6.00%, 5/15/10	N/A		1,164,230
				New York Dorm. Auth.,
AAA		1,250	³	City Univ., 6.125%, 7/01/04, AMBAC	N/A		1,285,075
AAA		1,000	³	City Univ., 6.20%, 7/01/04, AMBAC	N/A		1,028,180
AAA		750		Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA	02/13 @ 100		749,527
Aa3		1,000		Kateri Residence, 5.00%, 7/01/22	07/13 @ 100		997,430
BB+		1,000		Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25	07/10 @ 101		1,001,920
AAA		1,005		St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC	No Opt. Call		1,099,832
AAA		1,000	³	St. Univ. Edl. Fac., Ser. B, 6.00%, 5/15/04	N/A		1,021,400
AAA		1,000	³	St. Univ. Edl. Fac., Ser. B, 6.25%, 5/15/04	N/A		1,021,470
A+		1,000		Univ. of Rochester, Ser. B, 5.625%, 7/01/24	07/09 @ 101		1,063,580
AAA		1,000	³	New York Urban Dev. Corp., Correctional Facs., 5.70%, 1/01/07, MBIA	N/A		1,109,740
Caa2		1,000	⁴	Port Auth. of NY & NJ, Spec. Oblig., Cont’l/Eastern Proj. LaGuardia, 9.125%, 12/01/15	06/04 @ 100		1,021,550

							24,297,651

				Puerto Rico—12.7%
BBB		500		Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12 @ 100		461,385
A-		1,000	³	Puerto Rico Elec. Pwr. Auth., Ser. T, 6.00%, 7/01/04	N/A		1,027,780
BBB+		1,000		Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29	02/12 @ 100		1,033,020

							2,522,185

				Trust Territories—1.6%
Ba3		315	⁴	Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33	10/13 @ 100		314,795

				Total Long-Term Investments (cost $25,587,174)			27,134,631

See Notes to Financial Statements.

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

Shares
(000)	Description	Value

	MONEY MARKET FUNDS—7.8%
950	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	950,000
600	SSgA Tax Free Money Mkt. Fund		600,000

	Total Money Market Funds (cost $1,550,000)		1,550,000

	Total Investments—144.8% (cost $27,137,174)	$	28,684,631
	Other assets in excess of liabilities—4.7%		924,892
	Preferred shares at redemption value, including dividends payable—(49.5)%		(9,801,341	)

	Net Assets Applicable to Common Shareholders—100%	$	19,808,182

¹ Using the higher of S&P’s, Moody’s or Fitch’s rating.

² Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

⁴ See Note 7 of Notes to Financial Statements.


KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corporation	MBIA	—	Municipal Bond Insurance Association
GO	—	General Obligation

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock New York Municipal Income Trust (BNY)

	Principal
	Amount				Option Call
Rating¹	(000)			Description	Provisions²	Value

				LONG-TERM INVESTMENTS—155.4%
				New York—123.9%
AA-	$	2,000		Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33	07/13 @ 100	$	1,976,160
				Met. Transp. Auth., Ded. Tax Fund, Ser. A,
AA-		12,000		5.00%, 11/15/30	11/12 @ 100		11,777,160
A		12,000		5.125%, 11/15/31	11/12 @ 100		11,976,000
				New York City, GO,
A		3,290	³	Ser. C, 5.375%, 3/15/12	N/A		3,667,528
A		2,710		Ser. C, 5.375%, 3/15/28	03/12 @ 100		2,775,365
A		7,000		Ser. D, 5.375%, 6/01/32	06/12 @ 100		7,130,970
				New York City Ind. Dev. Agcy.,
A		750		Marymount Sch. Proj., 5.125%, 9/01/21, ACA	09/11 @ 102		758,715
A		2,000		Marymount Sch. Proj., 5.25%, 9/01/31, ACA	09/11 @ 102		1,943,600
AAA		1,550		Royal Charter Presbyterian, 5.25%, 12/15/32, FSA	12/11 @ 102		1,571,344
BBB-		14,850		Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28	07/11 @ 100		14,125,468
A-		6,000		Term. One Grp. Assoc. Proj., 6.00%, 1/01/19	06/04 @ 102		6,134,220
				New York City Mun. Wtr. Fin. Auth.,
AAA		4,000		Ser. A, 5.00%, 6/15/32, FGIC	06/11 @ 100		3,994,800
AA		7,000		Ser. C, 5.00%, 6/15/32	06/11 @ 100		6,928,250
				New York City Transl. Fin. Auth., Ser. C,
AA+		5,940	³	5.00%, 5/01/09	N/A		6,572,788
AA+		3,660		5.00%, 5/01/29	05/09 @ 101		3,639,870
BBB		6,700		New York Cntys. Tobacco Trust III, 6.00%, 6/01/43	06/13 @ 100		6,236,025
				New York Dorm. Auth.,
AA-		15,235	³	City Univ., Ser. A, 5.25%, 7/01/11	N/A		17,000,889
AA-		1,765		City Univ., Ser. A, 5.25%, 7/01/31	07/11 @ 100		1,780,479
A-		10,780		Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30	07/11 @ 101		11,029,772
AAA		9,000		New Sch. Univ., 5.00%, 7/01/41, MBIA	07/11 @ 100		8,928,000
AAA		5,000		New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC	07/11 @ 100		4,951,650
A-		2,000		No. Shore Long Island Jewish Grp., 5.375%, 5/01/23	05/13 @ 100		2,035,700
A-		2,000		No. Shore Long Island Jewish Grp., 5.50%, 5/01/33	05/13 @ 100		2,016,180
				New York Mtg. Agcy.,
Aa1		5,950		Ser. 101, 5.40%, 4/01/32	10/11 @ 100		5,956,842
Aaa		15,500		Ser. A, 5.30%, 10/01/31	04/11 @ 100		15,476,905
AA-		6,290	³	New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06	N/A		6,782,570
				Port Auth. of NY & NJ,
AAA		9,500		Ser. 124, 5.00%, 8/01/36, FGIC	08/08 @ 101		9,120,095
Caa2		9,250		Spec. Oblig., Cont'l/Eastern Proj. LaGuardia, 9.125%, 12/01/15	06/04 @ 100		9,449,338
AAA		13,000	⁴	Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA	12/07 @ 102		13,854,360
BBB		2,500		Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43	06/12 @ 100		2,231,975
BBB		5,000		Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43	08/12 @ 100		4,463,050
A		7,000		Suffolk Cnty. Indl. Dev. Agcy., KeySpan Port Jefferson Proj., 5.25%, 6/01/27	06/13 @ 100		6,908,370
				TSASC Inc., Tobacco Settlement Rev., Ser. 1,
BBB		5,000		5.75%, 7/15/32	07/12 @ 100		4,688,900
BBB		8,000		6.375%, 7/15/39	07/09 @ 101		7,829,680
AA		2,500		Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA	10/11 @ 100		2,513,500
BBB		2,000		Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29	07/10 @ 101		2,021,260

						230,247,778

				Delaware—6.8%
				Charter Mac Equity Issuer Trust,
NR		6,000	^5,6	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100		6,557,640
NR		5,500	^5,6	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100		6,048,295

							12,605,935

				Maryland—5.0%
				MuniMae TE Bond Subsidiary, LLC,
NR		6,000	^5,6	Ser. A, 6.30%, 6/30/49	06/09 @ 100		6,239,580
NR		3,000	^5,6	Ser. B, 6.80%, 6/30/50	11/10 @ 100		3,106,260

							9,345,840

See Notes to Financial Statements.

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

Principal

Amount

Option Call

Rating¹

(000)

Description

Provisions²

Value

Puerto Rico—18.1%

BBB

4,060

Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43

05/12 @ 100

3,746,446

A-

6,000

Puerto Rico Pub. Bldgs. Auth., Gov’t. Facs., Ser. D, 5.25%, 7/01/36

07/12 @ 100

6,075,480

Puerto Rico Pub. Fin. Corp., Ser. E,

BBB+

10,000

5.50%, 8/01/29

02/12 @ 100

10,330,200

BBB+

7,000

5.70%, 8/01/25

02/10 @ 100

7,440,510

BBB+

5,750

5.75%, 8/01/30

02/07 @ 100

6,041,755

33,634,391

Trust Territories—1.6%

Ba3

2,945

Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33

10/13 @ 100

2,943,086

Total Long-Term Investments (cost$282,825,088)

288,777,030

Shares

(000)

MONEY MARKET FUND—1.5%

2,700

AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $2,700,000)

N/A

2,700,000

Total Investments—156.9% (cost $285,525,088)

291,477,030

Other assets in excess of liabilities—2.2%

4,142,152

Preferred shares at redemption value, including dividends payable—(59.1)%

(109,760,820

)

Net Assets Applicable to Common Shareholders—100%

185,858,362

¹ Using the higher of S&P’s, Moody’s or Fitch’s rating.

² Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.

⁴ Entire or partial principal amount pledged as collateral for financial futures contracts.

⁵ Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2004, the Trust held 11.8% of its net assets, with a current market value of $21,951,775, in securities restricted as to resale.

⁶ Security is deemed to be of investment grade quality by the investment advisor.


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

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
April 30, 2004


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

Investments at value¹		$	398,299,088			$	975,933,400			$	20,913,709		$	340,937,808			$	24,776,639		$	154,420,302			$	21,613,692			$	171,384,453			$	28,684,631			$	291,477,030
Cash			547,683				511,673				776,511			537,735				251,176			521,209				517,007				499,608				519,574				524,595
Receivable from investments sold				—				—				—			—			90,000			45,000					—			50,000					—				—
Interest receivable			6,933,886				17,657,302				339,991			5,512,611				387,194			2,337,723				397,880				2,860,097				547,458				4,901,739
Other assets		75,042				75,152				13,796			25,417				13,749			10,119				14,130				11,489				13,769				22,062

		405,855,699				994,177,527				22,044,007			347,013,571				25,518,758			157,334,353				22,542,709				174,805,647				29,765,432				296,925,426

Liabilities
Variation margin payable			196,875				688,406					—		254,953					—		96,797					—			120,750					—			167,672
Dividends payable — common shares			1,272,897				3,536,108				71,101			1,140,007				79,777			500,968				67,624				556,910				95,581				943,357
Investment advisory fee payable			116,879				286,362					7,158		100,137					7,316		45,222					6,473			50,366					8,563			85,837
Administration fee payable			50,091					—				2,892			—				3,356			—				2,953				—				3,822				—
Deferred Director or Trustees fees			60,843				69,844				11,660			23,446				11,596				8,856			11,990				10,496				11,591				20,366
Other accrued expenses		148,945				120,604				52,910			129,061				50,416			77,810				46,037				62,141				36,352				89,012

		1,846,530				4,701,324				145,721			1,647,604				152,461			729,653				135,077				800,663				155,909				1,306,244

Preferred Shares at Redemption Value
$25,000 liquidation value per
	share, including dividends payable^2,3	146,572,927				375,156,446				7,500,186			131,957,495				8,500,244			57,554,489				7,500,278				63,801,732				9,801,341				109,760,820

Net Assets Applicable to
	Common Shareholders	$	257,436,242			$	614,319,757			$	14,398,100		$	213,408,472			$	16,866,053		$	99,050,211			$	14,907,354			$	110,203,252			$	19,808,182			$	185,858,362


Composition of Net Assets Applicable to
	Common Shareholders:
	Par value	$	167,071			$	43,529			$	10,071		$	14,986			$	11,271		$		6,646		$	10,071			$		7,415		$	13,071			$	12,521
	Paid-in capital in excess of par		231,766,743				618,575,595				13,411,135			212,626,998				15,001,008			94,259,825				13,165,936				105,166,744				17,655,407				177,620,593
	Undistributed net investment income		11,639,770				17,397,338				422,377			5,110,260				497,619			1,941,070				613,522				2,608,148				638,607				3,878,872
	Accumulated net realized gain (loss)		(10,524,870		)		(42,089,735		)			606		(3,493,529		)			2,504		(303,413		)		(238,309		)		(1,054,833		)		(46,360		)		(3,218,039		)
	Net unrealized appreciation (depreciation)	24,387,528				20,393,030				553,911			(850,243			)	1,353,651			3,146,083				1,356,134				3,475,778				1,547,457				7,564,415

Net assets applicable to common shareholders,
	April 30, 2004	$	257,436,242			$	614,319,757			$	14,398,100		$	213,408,472			$	16,866,053		$	99,050,211			$	14,907,354			$	110,203,252			$	19,808,182			$	185,858,362


	Net asset value per common share⁴		$	15.41			$	14.09			$	14.30		$	14.24			$	14.96		$	14.90			$	14.80			$	14.86			$	15.15			$	14.84



¹	Investments at cost	$	375,804,923			$	962,160,442			$	20,359,798		$	344,239,992			$	23,422,988		$	152,205,123			$	20,257,558			$	169,069,856			$	27,137,174			$	285,525,088
²	Preferred shares outstanding			5,862			15,005					300			5,278				340			2,302				300				2,552				392				4,390
³	Par value per share			0.01				0.001				0.01			0.001				0.01			0.001				0.01				0.001				0.01				0.001
⁴	Common shares outstanding		16,707,093				43,588,385				1,007,093			14,985,501				1,127,093			6,646,343				1,007,093				7,414,793				1,307,093				12,521,494

See Notes to Financial Statements.

34 35

STATEMENTS OF OPERATIONS (unaudited)
For the six months ended April 30, 2004


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

Investment Income
Interest Income	$	11,259,273		$	28,492,785		$	585,617		$	9,561,273		$	692,712		$	4,171,926		$	602,783		$	4,811,232		$	807,514		$	8,001,124

Expenses
Investment advisory		710,989			2,995,930			38,816			1,046,180			44,795			472,356			39,523			525,765			52,280			897,115
Administration		304,709			—			11,090			—			12,799			—			11,293			—			14,937			—
Transfer agent		9,282			8,727			5,278			8,008			5,642			8,008			5,642			7,462			5,642			8,008
Custodian		46,382			67,819			7,783			39,119			6,684			26,688			6,732			26,000			5,714			33,272
Reports to shareholders		27,379			61,735			3,640			19,174			3,640			11,173			3,640			12,404			3,640			18,442
Trustees/Directors		18,262			39,676			6,380			15,288			6,380			7,098			6,380			7,826			6,380			13,286
Registration		15,707			16,886			510			15,707			524			11,218			510			11,218			543			15,707
Independent accountants		23,893			22,388			6,835			20,170			6,835			19,209			6,835			19,791			6,835			20,653
Legal		18,387			36,730			2,990			13,222			2,990			8,702			2,990			8,732			2,990			12,986
Insurance		13,949			32,338			762			11,965			878			7,619			785			6,066			1,025			10,350
Auction Agent		189,460			483,094			11,347			171,379			12,592			75,314			11,347			83,089			14,217			143,701
Miscellaneous	22,212			40,738			9,839			21,345			10,067			13,553			10,014			13,484			10,101			19,179

Total expenses		1,400,611			3,806,061			105,270			1,381,557			113,826			660,938			105,691			721,837			124,304			1,192,699
Less fees waived by Advisor		—			(1,248,304	)		—			(435,908	)		—			(196,815	)		—			(219,069	)		—			(373,798	)
Less fees paid indirectly	(2,560		)	(3,204		)	(3,597		)	(5,115		)	(2,498		)	(2,482		)	(2,546		)	(1,612		)	(1,528		)	(2,352		)

Net expenses	1,398,051			2,554,553			101,673			940,534			111,328			461,641			103,145			501,156			122,776			816,549

Net investment income	9,861,222			25,938,232			483,944			8,620,739			581,384			3,710,285			499,638			4,310,076			684,738			7,184,575

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(1,033,164	)		(1,776,461	)		606			139,340			2,504			328,964			640			165,049			22,005			88,649
Futures	(701,243		)	(2,981,564		)	—			(1,109,885		)	—			(422,300		)	—			(526,262		)	—			(730,147		)

	(1,734,407		)	(4,758,025		)	606			(970,545		)	2,504			(93,336		)	640			(361,213		)	22,005			(641,498		)

Net change in unrealized
appreciation/depreciation on:
Investments		431,947			4,980,659			(263,054	)		1,354,938			(278,805	)		150,364			(249,959	)		540,992			(339,696	)		(1,033,883	)
Futures	1,893,363			6,620,072			—			2,451,941			—			930,904			—			1,161,181			—			1,612,473

	2,325,310			11,600,731			(263,054		)	3,806,879			(278,805		)	1,081,268			(249,959		)	1,702,173			(339,696		)	578,590

Net gain (loss)	590,903			6,842,706			(262,448		)	2,836,334			(276,301		)	987,932			(249,319		)	1,340,960			(317,691		)	(62,908		)

Dividends and Distributions to
Preferred Shareholders from:
Net investment income		(693,194	)		(1,718,720	)		(28,497	)		(605,556	)		(26,868	)		(231,282	)		(30,888	)		(278,281	)		(42,329	)		(477,596	)
Net realized gains	—			—			(3,726		)	—			(24,220		)	—			—			—			—			—

Total dividends and distributions	(693,194		)	(1,718,720		)	(32,223		)	(605,556		)	(51,088		)	(231,282		)	(30,888		)	(278,281		)	(42,329		)	(477,596		)

Net Increase in Net Assets
Applicable to Common
Shareholders Resulting
from Operations	$	9,758,931		$	31,062,218		$	189,273		$	10,851,517		$	253,995		$	4,466,935		$	219,431		$	5,372,755		$	324,718		$	6,644,071

See Notes to Financial Statements.

36 37

STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended April 30, 2004 (unaudited) and for the year ended October 31, 2003


	Investment						Municipal						California Investment						California						Florida Investment
	Quality Municipal Trust						Income Trust						Quality Municipal Trust						Municipal Income Trust						Quality Municipal Trust
	(BKN)						(BFK)						(RAA)						(BFZ)						(RFA)

	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003

Increase (Decrease) in Net Assets
Applicable to Common Shareholders
Operations:
Net investment income	$	9,861,222		$	19,425,882		$	25,938,232		$	53,252,034		$	483,944		$	1,057,654		$	8,620,739		$	16,928,458		$	581,384		$	1,175,275
Net realized gain (loss)		(1,734,407	)		(3,112,753	)		(4,758,025	)		(21,756,169	)		606			51,040			(970,545	)		(124,407	)		2,504			248,044
Net change in unrealized appreciation/depreciation		2,325,310			1,574,886			11,600,731			37,007,594			(263,054	)		(455,653	)		3,806,879			(5,006,045	)		(278,805	)		(687,041	)
Dividends and distributions to preferred
shareholders from:
Net investment income		(693,194	)		(1,501,763	)		(1,718,720	)		(3,836,525	)		(28,497	)		(64,203	)		(605,556	)		(1,214,717	)		(26,868	)		(88,761	)
Net realized gains	—			—			—			—			(3,726		)	—			—			—			(24,220		)	—

Net increase in net assets resulting from operations	9,758,931			16,386,252			31,062,218			64,666,934			189,273			588,838			10,851,517			10,583,289			253,995			647,517

Dividends and Distributions to Common
Shareholders from:
Net investment income		(7,637,380	)		(14,781,077	)		(21,205,147	)		(41,326,371	)		(426,596	)		(834,841	)		(6,840,042	)		(13,401,474	)		(478,645	)		(939,337	)
Net realized gains	—			—			—			—			(48,450		)	—			—			—			(256,317		)	—

Total dividends and distributions	(7,637,380		)	(14,781,077		)	(21,205,147		)	(41,326,371		)	(475,046		)	(834,841		)	(6,840,042		)	(13,401,474		)	(734,962		)	(939,337		)

Capital Share Transactions:
Capital contributions from advisor¹		—			—			—			—			18,421			—			—			—			—			—
Reinvestment of common dividends	—			—			519,196			922,048			—			—			—			—			—			—

Net proceeds from capital share transactions	—			—			519,196			922,048			18,421			—			—			—			—			—

Total increase (decrease)	2,121,551			1,605,175			10,376,267			24,262,611			(267,352		)	(246,003		)	4,011,475			(2,818,185		)	(480,967		)	(291,820		)

Net Assets Applicable to
Common Shareholders
Beginning of period	255,314,691			253,709,516			603,943,490			579,680,879			14,665,452			14,911,455			209,396,997			212,215,182			17,347,020			17,638,840

End of period	$	257,436,242		$	255,314,691		$	614,319,757		$	603,943,490		$	14,398,100		$	14,665,452		$	213,408,472		$	209,396,997		$	16,866,053		$	17,347,020

End of period undistributed net investment income	$	11,639,770		$	10,109,122		$	17,397,338		$	14,382,973		$	422,377		$	393,562		$	5,110,260		$	3,935,119		$	497,619		$	421,748

¹ See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

38 39

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the six months ended April 30, 2004 (unaudited) and for the year ended October 31, 2003


	Florida						New Jersey Investment						New Jersey						New York Investment						New York
	Municipal Income Trust						Quality Municipal Trust						Municipal Income Trust						Quality Municipal Trust						Municipal Income Trust
	(BBF)						(RNJ)						(BNJ)						(RNY)						(BNY)

	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003

Increase (Decrease) in Net Assets
Applicable to Common Shareholders
Operations:
Net investment income	$	3,710,285		$	7,355,264		$	499,638		$	1,006,244		$	4,310,076		$	8,465,666		$	684,738		$	1,346,704		$	7,184,575		$	14,192,727
Net realized gain (loss)		(93,336	)		630,302			640			6,919			(361,213	)		(29,376	)		22,005			357,056			(641,498	)		(486,109	)
Net change in unrealized appreciation/depreciation		1,081,268			(777,309	)		(249,959	)		109,486			1,702,173			895,164			(339,696	)		(636,582	)		578,590			2,196,536
Dividends to preferred shareholders from
net investment income	(231,282		)	(521,291		)	(30,888		)	(61,319		)	(278,281		)	(616,370		)	(42,329		)	(88,859		)	(477,596		)	(1,130,137		)

Net increase in net assets resulting
from operations	4,466,935			6,686,966			219,431			1,061,330			5,372,755			8,715,084			324,718			978,319			6,644,071			14,773,017


Dividends to Common Shareholders
from Net Investment Income:	(3,005,809		)	(5,914,155		)	(405,746		)	(801,290		)	(3,341,462		)	(6,528,221		)	(573,487		)	(1,146,823		)	(5,660,141		)	(11,098,501		)

Capital Share Transactions:
Capital contributions from advisor¹	—			—			86,481			—			—			—			3,690			—			—			—

Total increase (decrease)	1,461,126			772,811			(99,834		)	260,040			2,031,293			2,186,863			(245,079		)	(168,504		)	983,930			3,674,516

Net Assets Applicable to
Common Shareholders:
Beginning of period	97,589,085			96,816,274			15,007,188			14,747,148			108,171,959			105,985,096			20,053,261			20,221,765			184,874,432			181,199,916

End of period	$	99,050,211		$	97,589,085		$	14,907,354		$	15,007,188		$	110,203,252		$	108,171,959		$	19,808,182		$	20,053,261		$	185,858,362		$	184,874,432

End of period undistributed net investment income	$	1,941,070		$	1,467,876		$	613,522		$	550,518		$	2,608,148		$	1,917,815		$	638,607		$	569,685		$	3,878,872		$	2,832,034

¹ See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

40 41

FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)


	Six Months Ended			Year Ended October 31,
	April 30, 2004
	(unaudited)			2003			2002			2001¹			2000 ¹			1999 ¹

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	15.28		$	15.19		$	15.19		$	14.30		$	13.95		$	15.78

Investment operations:
Net investment income		0.59			1.16			1.20			1.20			1.13			1.09
Net realized and unrealized gain (loss)		0.04			(0.09	)		(0.26	)		0.75			0.43			(1.63	)
Dividends and distributions to preferred
shareholders:
Net investment income		(0.04	)		(0.09	)		(0.13	)		(0.29	)		(0.35	)		(0.24	)
Net realized gains	—			—			—			—			—			(0.04		)

Net increase (decrease) from investment
operations	0.59			0.98			0.81			1.66			1.21			(0.82		)

Dividends and distributions to common
shareholders:
Net investment income		(0.46	)		(0.89	)		(0.81	)		(0.78	)		(0.83	)		(0.86	)
Net realized gains	—			—			—			—			—			(0.15		)

Total dividends and distributions	(0.46		)	(0.89		)	(0.81		)	(0.78		)	(0.83		)	(1.01		)

Capital changes with respect to issuance of:
Preferred shares	—			—			—			0.01			(0.03		)	—

Net asset value, end of period	$	15.41		$	15.28		$	15.19		$	15.19		$	14.30		$	13.95

Market price, end of period	$	13.36		$	14.26		$	13.48		$	13.73		$	12.13		$	13.13

TOTAL INVESTMENT RETURN²	(3.35		)%	12.67		%	4.14%				20.03	%	(1.27		)%	(9.03		)%

RATIOS TO AVERAGE NET ASSETS
OF COMMON SHAREHOLDERS:³
Expenses after fees waived and paid indirectly		1.07	%⁴		1.10	%		1.09%			1.14	%		1.20	%		1.05	%
Expenses before fees waived and paid
indirectly		1.08	%⁴		1.10	%		1.09%			1.14	%		1.20	%		1.05	%
Net investment income after fees waived and
paid indirectly and before preferred share
dividends		7.57	%⁴		7.62	%		7.93%			8.10	%		8.18	%		7.21	%
Preferred share dividends		0.53	%⁴		0.59	%		0.83%			1.94	%		2.53	%		1.60	%
Net investment income available to common
shareholders		7.04	%⁴		7.03	%		7.10%			6.16	%		5.65	%		5.61	%
SUPPLEMENTAL DATA:
Average net assets of common
shareholders (000)	$	261,962		$	254,890		$	251,428		$	247,832		$	230,746		$	252,536
Portfolio turnover		16	%		36	%		19%			4	%		35	%		26	%
Net assets of common shareholders,
end of period (000)	$	257,436		$	255,315		$	253,710		$	253,777		$	238,849		$	233,085
Preferred shares value outstanding (000)	$	146,550		$	146,550		$	146,550		$	146,550		$	146,550		$	130,000
Asset coverage per preferred share,
end of period	$	68,920		$	68,561		$	68,292		$	68,308		$	65,745		$	69,824

¹ Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
² Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
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 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 Trust’s common shares.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust (BFK)


										For the period
	Six Months Ended			Year Ended October 31,						July 27, 2001¹
	April 30, 2004									through
	(unaudited)			2003			2002			October 31, 2001^2,3

PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	13.87		$	13.33		$	14.30		$	14.33	⁴

Investment operations:
Net investment income		0.59			1.23			1.20			0.17
Net realized and unrealized gain (loss)		0.16			0.35			(1.11	)		0.12
Dividends to preferred shareholders from
net investment income	(0.04		)	(0.09		)	(0.13		)	(0.01		)

Net increase (decrease) from investment operations	0.71			1.49			(0.04		)	0.28

Dividends and distributions to common shareholders:
Net investment income		(0.49	)		(0.95	)		(0.93	)		(0.16	)
In excess of net investment income	—			—			—			(0.01		)

Total dividends and distributions	(0.49		)	(0.95		)	(0.93		)	(0.17		)

Capital charges with respect to issuance of:
Common shares		—			—			—			(0.03	)
Preferred shares	—			—			—			(0.11		)

Total capital charges	—			—			—			(0.14		)

Net asset value, end of period	$	14.09		$	13.87		$	13.33		$	14.30

Market price, end of period	$	13.02		$	13.70		$	13.46		$	14.75

TOTAL INVESTMENT RETURN⁵	(1.62		)%	9.21		%	(2.40		)%	(1.13		)%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁶
Expenses after fees waived and paid indirectly		0.82	%⁷		0.84	%		0.81	%		0.61	%⁷
Expenses before fees waived and paid indirectly		1.22	%⁷		1.25	%		1.23	%		0.91	%⁷
Net investment income after fees waived and paid indirectly
and before preferred share dividends		8.29	%⁷		8.96	%		8.74	%		4.59	%⁷
Preferred share dividends		0.55	%⁷		0.65	%		0.92	%		0.38	%⁷
Net investment income available to common shareholders		7.74	%⁷		8.31	%		7.82	%		4.21	%⁷
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	629,005		$	594,192		$	598,425		$	572,610
Portfolio turnover		17	%		56	%		70	%		27	%
Net assets of common shareholders, end of period (000)	$	614,320		$	603,943		$	579,681		$	619,249
Preferred shares value outstanding (000)	$	375,125		$	375,125		$	375,125		$	375,125
Asset coverage per preferred share, end of period	$	65,943		$	65,251		$	63,636		$	66,275

¹ Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
² Calculated using the average shares outstanding method.
³ Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
⁴ 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.
⁵ Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁶ 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.
⁷ Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)


	Six Months Ended			Year Ended October 31,
	April 30, 2004
	(unaudited)			2003			2002			2001¹			2000 ¹			1999 ¹

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	14.56		$	14.81		$	15.30		$	14.62		$	14.34		$	15.49

Investment operations:
Net investment income		0.48			1.05			1.04			1.05			1.06			1.05
Net realized and unrealized gain (loss)		(0.24	)		(0.41	)		(0.64	)		0.63			0.29			(1.10	)
Dividends to preferred shareholders
from net investment income	(0.03		)	(0.06		)	(0.09		)	(0.21		)	(0.25		)	(0.22		)

Net increase (decrease) from investment
operations	0.21			0.58			0.31			1.47			1.10			(0.27		)

Dividends to common shareholders:
Net investment income		(0.42	)		(0.83	)		(0.80	)		(0.79	)		(0.82	)		(0.88	)
Net realized gains	(0.05		)	—			—			—			—			—

Total dividends and distributions	(0.47		)	(0.83		)	(0.80		)	(0.79		)	(0.82		)	(0.88		)

Net asset value, end of period	$	14.30		$	14.56		$	14.81		$	15.30		$	14.62		$	14.34

Market price, end of period	$	13.03		$	14.03		$	13.38		$	15.55		$	14.00		$	15.50

TOTAL INVESTMENT RETURN²	(3.94		)%	11.38		%		(9.26	)%		17.03	%	(4.33		)%	1.52		%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:³
Expenses after fees paid indirectly		1.38	%⁴		1.40	%		1.29	%		1.38	%		1.41	%		1.34	%
Expenses before fees paid indirectly		1.43	%⁴		1.40	%		1.29	%		1.38	%		1.41	%		1.34	%
Net investment income after fees paid
indirectly and before preferred
share dividends		6.57	%⁴		7.17	%		6.86	%		7.04	%		7.36	%		6.95	%
Preferred share dividends		0.39	%⁴		0.44	%		0.59	%		1.39	%		1.75	%		1.47	%
Net investment income available to common
shareholders		6.18	%⁴		6.73	%		6.27	%		5.65	%		5.61	%		5.48	%
SUPPLEMENTAL DATA:
Average net assets of common
shareholders (000)	$	14,803		$	14,752		$	15,221		$	15,072		$	14,450		$	15,170
Portfolio turnover		5	%		6	%		30	%		1	%		—	%		4	%
Net assets of common shareholders,
end of period (000)	$	14,398		$	14,665		$	14,911		$	15,411		$	14,725		$	14,439
Preferred shares value outstanding (000)	$	7,500		$	7,500		$	7,500		$	7,500		$	7,500		$	7,500
Asset coverage per preferred share,
end of period	$	72,994		$	73,886		$	74,706		$	76,377		$	74,097		$	73,138

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust (BFZ)


										For the period
	Six Months Ended			Year Ended October 31,						July 27, 2001¹
	April 30, 2004									through
	(unaudited)			2003			2002			October 31, 2001^2,3

PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	13.97		$	14.16		$	14.50		$	14.33	⁴

Investment operations:
Net investment income		0.58			1.12			1.11			0.16
Net realized and unrealized gain (loss)		0.19			(0.34	)		(0.46	)		0.32
Dividends to preferred shareholders from
net investment income	(0.04		)	(0.08		)	(0.12		)	(0.01		)

Net increase from investment operations	0.73			0.70			0.53