Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

c34560_ncsr

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10339

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

100 Bellevue Parkway, Wilmington, DE	19809

(Address of principal executive offices)	(Zip code)

Robert S. Kapito, President

BlackRock Municipal Income Trust

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

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

Date of fiscal year end: October 31, 2004

Date of reporting period: October 31, 2004

Item 1. Reports to Shareholders.

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

FIXED INCOME

LIQUIDITY

EQUITIES

ALTERNATIVES

BLACKROCK SOLUTIONS

BlackRock

Closed-End Funds

Annual Report

OCTOBER 31, 2004

BlackRock Investment Quality Municipal Trust (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock California Investment Quality Municipal Trust (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Investment Quality Municipal Trust (RFA)

BlackRock Florida Municipal Income Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust (RNY)

BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

TABLE OF CONTENTS
Letter to Shareholders		1
Trusts’ Summaries		2
Portfolios of Investments		12
Financial Statements
Statements of Assets and Liabilities		34
Statements of Operations		36
Statements of Changes in Net Assets		38
Financial Highlights		42
Notes to Financial Statements		52
Report of Independent Registered Public Accounting Firm		57
Directors/Trustees Information		58
Dividend Reinvestment Plans		60
Additional Information		60

Privacy Principles of the Trusts

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

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

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

LETTER TO SHAREHOLDERS

October 31, 2004

Dear Shareholder:

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

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

The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of October 31, 2004.


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

BlackRock Investment Quality Municipal Trust (BKN)	6.05	%	9.31	%	$15.12	$15.71

BlackRock Municipal Income Trust (BFK)	6.93		10.66		14.05	14.26

BlackRock California Investment Quality Municipal Trust (RAA)	5.92		9.11		14.30	14.43

BlackRock California Municipal Income Trust (BFZ)	6.69		10.29		13.65	14.77

BlackRock Florida Investment Quality Municipal Trust (RFA)	5.94		9.14		14.30	15.02

BlackRock Florida Municipal Income Trust (BBF)	6.28		9.66		14.40	15.27

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)	5.37		8.26		15.00	14.79

BlackRock New Jersey Municipal Income Trust (BNJ)	6.24		9.60		14.45	15.38

BlackRock New York Investment Quality Municipal Trust (RNY)	6.05		9.31		14.50	15.35

BlackRock New York Municipal Income Trust (BNY)	6.46		9.94		13.99	15.28

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 September 30, 2004, BlackRock managed over $20 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manages the Trusts, are wholly owned subsidiaries of BlackRock.

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


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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock Investment Quality Municipal Trust (BKN)

Trust Information

Symbol on New York Stock Exchange:	BKN

Initial Offering Date:	February 19, 1993

Closing Market Price as of 10/31/04:	$15.12

Net Asset Value as of 10/31/04:	$15.71

Yield on Closing Market Price as of 10/31/04 ($15.12):¹	6.05	%

Current Monthly Distribution per Common Share:²	$0.076189

Current Annualized Distribution per Common Share:²	$0.914268

Leverage as of 10/31/04:³	36	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$	15.12	$	14.26	6.03	%	$	15.36	$	13.09

NAV	$	15.71	$	15.28	2.81	%	$	16.08	$	15.02

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

City, County & State	18	%	12	%

Industrial & Pollution Control	13		17

Lease Revenue	12		13

Hospital	11		11

Education	11		12

Transportation	8		10

Power	8		7

Tax Revenue	6		4

Water & Sewer	3		1

Housing	3		4

Tobacco	3		6

Other	4		3


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	44	%	46	%

AA/Aa	6		7

A	19		20

BBB/Baa	21		19

BB/Ba	2		3

Not Rated	8		5

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock Municipal Income Trust (BFK)

Trust Information

Symbol on New York Stock Exchange:	BFK

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/04:	$14.05

Net Asset Value as of 10/31/04:	$14.26

Yield on Closing Market Price as of 10/31/04 ($14.05):¹	6.93	%

Current Monthly Distribution per Common Share:²	$0.081125

Current Annualized Distribution per Common Share:²	$0.973500

Leverage as of 10/31/04:³	38	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$	14.05	$	13.70	2.55	%	$	14.78	$	12.36

NAV	$	14.26	$	13.87	2.81	%	$	14.92	$	13.58

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Hospital	23	%	22	%

Industrial & Pollution Control	19		22

City, County & State	13		5

Transportation	8		8

Lease Revenue	7		8

Housing	7		10

Education	6		7

Water & Sewer	4		1

Tobacco	4		10

Tax Revenue	3		1

Power	1		1

Other	5		5


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	19	%	15	%

AA/Aa	4		4

A	32		27

BBB/Baa	32		44

BB/Ba	2		—

B	4		5

Not Rated	7		5

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock California Investment Quality Municipal Trust (RAA)

Trust Information

Symbol on American Stock Exchange:	RAA

Initial Offering Date:	May 28, 1993

Closing Market Price as of 10/31/04:	$ 14.30

Net Asset Value as of 10/31/04:	$ 14.43

Yield on Closing Market Price as of 10/31/04 ($14.30):¹	5.92	%

Current Monthly Distribution per Common Share:²	$ 0.0706

Current Annualized Distribution per Common Share:²	$ 0.8472

Leverage as of 10/31/04:³	34	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$ 14.30	$ 14.03	1.92	%	$ 14.50	$ 12.35

NAV	$ 14.43	$ 14.56	(0.89	)%	$ 14.91	$ 13.93

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Lease Revenue	24	%	17	%

City, County & State	24		25

Transportation	14		24

Education	11		11

Tobacco	10		8

Industrial & Pollution Control	8		7

Power	7		6

Water & Sewer	2		2


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	36	%	45	%

AA/Aa	7		11

A	18		12

BBB/Baa	22		18

B	5		5

Not Rated	12		9

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock California Municipal Income Trust (BFZ)

Trust Information

Symbol on New York Stock Exchange:	BFZ

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/04:	$ 13.65

Net Asset Value as of 10/31/04:	$ 14.77

Yield on Closing Market Price as of 10/31/04 ($13.65):¹	6.69	%

Current Monthly Distribution per Common Share:²	$ 0.076074

Current Annualized Distribution per Common Share:²	$ 0.912888

Leverage as of 10/31/04:³	37	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$13.65	$13.21	3.33	%	$14.18	$12.08

NAV	$14.77	$13.97	5.73	%	$15.08	$13.71

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

City, County & State	22	%	15	%

Lease Revenue	14		13

Transportation	12		11

Tobacco	11		10

Education	10		10

Hospital	9		9

Power	7		7

Housing	6		16

Industrial & Pollution Control	2		1

Tax Revenue	—		1

Other	7		7


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	28	%	30	%

AA/Aa	3		—

A	33		31

BBB/Baa	24		20

BB/Ba	—		1

B	1		—

Not Rated⁵	11		18

⁴Using 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 October 31, 2004, the market value of these securities was $8,107,293, representing 2.3% of the Trust’s long-term investments.

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock Florida Investment Quality Municipal Trust (RFA)

Trust Information

Symbol on American Stock Exchange:	RFA

Initial Offering Date:	May 28, 1993

Closing Market Price as of 10/31/04:	$14.30

Net Asset Value as of 10/31/04:	$15.02

Yield on Closing Market Price as of 10/31/04 ($14.30):¹	5.94	%

Current Monthly Distribution per Common Share:²	$0.070781

Current Annualized Distribution per Common Share:²	$0.849372

Leverage as of 10/31/04:³	33	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$14.30	$14.47	(1.17	)%	$15.95	$13.12

NAV	$15.02	$15.39	(2.40	)%	$15.46	$14.66

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Tax Revenue	20	%	21	%

Education	16		23

Transportation	16		14

City, County & State	14		9

Hospital	12		4

Lease Revenue	10		9

Power	6		14

Housing	5		5

Water & Sewer	1		1


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	61	%	72	%

AA/Aa	—		4

A	11		7

BBB/Baa	16		13

BB/Ba	3		—

Not Rated	9		4

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock Florida Municipal Income Trust (BBF)

Trust Information

Symbol on New York Stock Exchange:	BBF

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/04:	$14.40

Net Asset Value as of 10/31/04:	$15.27

Yield on Closing Market Price as of 10/31/04 ($14.40):¹	6.28	%

Current Monthly Distribution per Common Share:²	$0.075375

Current Annualized Distribution per Common Share:²	$0.904500

Leverage as of 10/31/04:³	36	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$14.40	$13.36	7.78	%	$14.75	$12.59

NAV	$15.27	$14.68	4.02	%	$15.61	$14.42

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

City, County & State	34	%	31	%

Hospital	19		22

Water & Sewer	8		8

Power	8		8

Education	7		7

Housing	6		6

Tax Revenue	6		5

Lease Revenue	5		5

Tobacco	3		4

Transportation	3		3

Industrial & Pollution Control	1		1


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	22	%	19	%

AA/Aa	40		42

A	9		13

BBB/Baa	13		11

BB/Ba	2		—

Not Rated⁵	14		15

⁴Using 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 October 31, 2004, the market value of these securities was $1,745,869, representing 1.1% of the Trust’s long-term investments.

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information

Symbol on American Stock Exchange:	RNJ

Initial Offering Date:	May 28, 1993

Closing Market Price as of 10/31/04:	$15.00

Net Asset Value as of 10/31/04:	$14.79

Yield on Closing Market Price as of 10/31/04 ($15.00):¹	5.37	%

Current Monthly Distribution per Common Share:²	$0.067148

Current Annualized Distribution per Common Share:²	$0.805776

Leverage as of 10/31/04:³	33	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$15.00	$14.80	1.35	%	$15.61	$12.85

NAV	$14.79	$14.90	(0.74	)%	$15.39	$14.44

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Transportation	34	%	32	%

Hospital	11		15

Education	11		11

Industrial & Pollution Control	6		4

Water & Sewer	6		5

City, County & State	6		5

Resource Recovery	5		5

Tax Revenue	5		5

Housing	5		1

Tobacco	5		4

Power	—		8

Other	6		5


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	56	%	64	%

AA/Aa	11		10

A	11		10

BBB/Baa	18		7

B	4		4

Not Rated	—		5

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)

Trust Information

Symbol on New York Stock Exchange:	BNJ

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/04:	$14.45

Net Asset Value as of 10/31/04:	$15.38

Yield on Closing Market Price as of 10/31/04 ($14.45):¹	6.24	%

Current Monthly Distribution per Common Share:²	$0.075108

Current Annualized Distribution per Common Share:²	$0.901296

Leverage as of 10/31/04:³	36	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$14.45	$14.04	2.92	%	$15.12	$12.72

NAV	$15.38	$14.59	5.41	%	$15.68	$14.33

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Hospital	23	%	21	%

City, County & State	12		7

Transportation	11		14

Lease Revenue	11		15

Tobacco	9		9

Housing	9		16

Tax Revenue	5		2

Industrial & Pollution Control	5		3

Education	5		3

Water & Sewer	—		1

Other	10		9


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	25	%	32	%

AA/Aa	—		5

A	29		20

BBB/Baa	44		31

B	2		3

Not Rated	—		9

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock New York Investment Quality Municipal Trust (RNY)

Trust Information

Symbol on American Stock Exchange:	RNY

Initial Offering Date:	May 28, 1993

Closing Market Price as of 10/31/04:	$14.50

Net Asset Value as of 10/31/04:	$15.35

Yield on Closing Market Price as of 10/31/04 ($14.50):¹	6.05	%

Current Monthly Distribution per Common Share:²	$0.073125

Current Annualized Distribution per Common Share:²	$0.877500

Leverage as of 10/31/04:³	33	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$14.50	$14.18	2.26	%	$14.92	$12.93

NAV	$15.35	$15.34	0.07	%	$15.79	$14.81

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Education	20	%	33	%

City, County & State	18		19

Tax Revenue	13		8

Water & Sewer	12		7

Industrial & Pollution Control	11		10

Lease Revenue	8		11

Housing	8		3

Hospital	4		3

Transportation	4		—

Tobacco	2		2

Power	—		4


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	31	%	37	%

AA/Aa	33		26

A	21		25

BBB/Baa	6		5

BB/Ba	5		4

Caa	4		3

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock New York Municipal Income Trust (BNY)

Trust Information

Symbol on New York Stock Exchange:	BNY

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/04:	$13.99

Net Asset Value as of 10/31/04:	$15.28

Yield on Closing Market Price as of 10/31/04 ($13.99):¹	6.46	%

Current Monthly Distribution per Common Share:²	$0.075339

Current Annualized Distribution per Common Share:²	$0.904068

Leverage as of 10/31/04:³	36	%

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 in Note 2 of the Notes to Financial Statements).

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


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

Market Price	$13.99	$13.45	4.01	%	$14.82	$12.38

NAV	$15.28	$14.76	3.52	%	$15.73	$14.25

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Transportation	17	%	17	%

Lease Revenue	13		19

Industrial & Pollution Control	12		10

Education	12		9

Tobacco	10		11

Housing	7		8

Tax Revenue	7		4

City, County & State	6		6

Hospital	5		5

Water & Sewer	4		4

Other	7		7


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	24	%	23	%

AA/Aa	19		23

A	26		25

BBB/Baa	27		19

BB/Ba	1		—

CCC/Caa	3		3

Not Rated	—		7

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

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock Investment Quality Municipal Trust (BKN)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				LONG-TERM INVESTMENTS—151.0%
				Alabama—5.9%
AAA	$	14,000		Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA	09/10	@ 101	$	15,522,360

				Alaska—2.4%
AAA		6,015		Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA	12/05	@ 102		6,226,668

				California—20.7%
A		5,770		California, GO, 5.625%, 5/01/18	05/10	@ 101		6,511,157
BBB		3,495		Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40	01/10	@ 101		3,532,536
				Golden St. Tobacco Sec. Corp., Ser. B,
A-		13,000		5.50%, 6/01/43	06/13	@ 100		13,663,650
A-		6,900		5.625%, 6/01/38	06/13	@ 100		7,312,413
AAA		10,945		Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA	08/13	@ 53.632		3,752,493
AAA		15,460		Los Angeles Cnty., Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC	No Opt. Call			17,293,401
				San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,
NR		795		5.90%, 9/01/28	09/10	@ 102		806,361
NR		1,485		5.95%, 9/01/35	09/10	@ 102		1,506,176

								54,378,187

				Colorado—0.9%
AAA		2,250³		E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05	N/A			2,410,875

				Connecticut—1.6%
Baa3		3,000		Mashantucket Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%, 9/01/28	09/09	@ 101		3,066,210
BBB-		1,140		Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 5.25%, 1/01/33	01/14	@ 100		1,145,084

								4,211,294

				District of Columbia—1.8%
BBB		4,960		Tobacco Settlement Fin. Corp., 6.50%, 5/15/33	No Opt. Call			4,684,075

				Florida—9.1%
NR		2,135		Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34	05/13	@ 101		2,175,074
NR		3,700		Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum, Ser. A, 7.125%, 4/01/30	10/10	@ 101		4,037,921
BB		4,755		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21	11/14	@ 100		5,064,313
NR		2,515		Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36	05/12	@ 101		2,553,756
NR		10,000		Village Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22	05/13	@ 100		10,119,800

								23,950,864

				Georgia—5.6%
AAA		12,785		Atlanta Wtr. and Wstwtr., 5.00%, 11/01/43, FSA	11/14	@ 100		13,031,111
BBB		1,500		Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn., 6.00%, 9/01/33	09/14	@ 101		1,569,675

								14,600,786

				Hawaii—1.1%
AAA		2,500		Hawaii Dept. of Budget & Fin., Hawaiian Elec. Co. Inc., Ser. D, 6.15%, 1/01/20, AMBAC	01/09	@ 101		2,824,750

				Illinois—16.1%
NR		1,920		Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23	No Opt. Call			1,924,186
AAA		3,500		Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA	01/13	@ 100		3,575,425
				Chicago Brd. of Ed., Sch. Reform, AMBAC,
AAA		8,960	³	5.75%, 12/01/07	N/A			10,086,182
AAA		1,040		5.75%, 12/01/27	12/07	@ 102		1,150,604
AAA		5,000		Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA	ETM			6,611,800
				Illinois Edl. Fac. Auth., FGIC,
AAA		4,000		5.45%, 7/01/14	11/04	@ 101		4,057,120
AAA		5,000		5.70%, 7/01/13	11/04	@ 101		5,073,850
AA+		5,800		Illinois Fin. Auth., Northwestern Mem. Hosp., Ser. A, 5.50%, 8/15/43	08/14	@ 100		6,023,590
AAA		3,540		O’Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA	01/14	@ 100		3,639,085

								42,141,842

				Indiana—4.0%
BBB		10,000		Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 5.10%, 1/15/17	No Opt. Call			10,497,400

				Kentucky—2.4%
AAA		15,715		Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/23, MBIA	No Opt. Call			6,179,295

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				Louisiana—3.5%
AAA	$	4,640		New Orleans, GO, 5.875%, 11/01/29, FSA	11/09	@ 100	$	5,162,139
BBB		4,460		Tobacco Settlement Fin. Corp., Ser. B, 5.875%, 5/15/39	05/11	@ 101		3,907,852

								9,069,991

				Maryland—0.7%
BBB		1,740		Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33	08/14	@ 100		1,775,966

				Michigan—1.6%
BB+		4,000	⁴	Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09	07/07	@ 101		4,167,360

				Missouri—1.6%
				Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,
BBB-		2,000		5.25%, 12/01/14	12/08	@ 102		1,993,360
BBB-		2,500		5.25%, 12/01/26	12/08	@ 102		2,254,525

								4,247,885

				Nevada—0.4%
AAA		1,000		Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC	07/14	@ 100		1,020,210

				New Jersey—6.7%
AAA		2,000		Delaware River Port. Auth. of PA & NJ, Port Dist. Proj., GO, Ser. B, 5.70%, 1/01/22, FSA	01/10	@ 100		2,236,560
BBB		7,000		New Jersey Econ. Dev. Auth., Cigarette Tax Rev., 5.75%, 6/15/29	06/14	@ 100		7,190,120
AAA		7,000	³	New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 6/15/10	N/A			8,140,650

								17,567,330

				New Mexico—0.7%
AAA		1,945		Farmington PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA	11/04	@ 101		1,971,296

				New York—12.7%
				New York City, GO,
A+		4,140		Ser. A, 6.00%, 8/01/05	No Opt. Call			4,264,117
A		4,805	⁵	Ser. E, 6.50%, 2/15/06	ETM			5,084,988
A+		2,195	⁵	Ser. E, 6.50%, 2/15/06	No Opt. Call			2,313,113
				New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A-		4,000		6.00%, 1/01/08	11/04	@ 102		4,069,960
A-		1,000		6.00%, 1/01/15	11/04	@ 102		1,017,490
				New York City Transl. Fin. Auth., Ser. B,
AAA		8,145	³	6.00%, 5/15/10	N/A			9,546,754
AA+		1,855		6.00%, 11/15/21	05/10	@ 101		2,133,788
				New York Dorm. Auth., Univ. of Rochester, Ser. A, MBIA,
AAA		2,030		Zero Coupon, 7/01/23	07/10	@ 101		1,599,011
AAA		1,865		Zero Coupon, 7/01/21	07/10	@ 101		1,481,295
A+		1,955		New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%, 11/01/04	No Opt. Call			1,955,000

								33,465,516

				North Carolina—2.2%
AAA		5,000		No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC	No Opt. Call			5,712,350

				Ohio—3.8%
				Cuyahoga Cnty.,
A1		3,485		Cleveland Clinic Hlth. Sys., 6.00%, 1/01/20	07/13	@ 100		3,923,866
A1		5,000		Cleveland Clinic Hlth. Sys., 6.00%, 1/01/21	07/13	@ 100		5,606,500
AAA		335		Port Auth., Port Dev. Proj., 6.00%, 3/01/07	ETM			355,753

								9,886,119

				Oregon—1.7%
BB+		4,300		Klamath Falls Elec., Klamath Cogen, 5.50%, 1/01/07	No Opt. Call			4,399,889

				Pennsylvania—5.0%
				McKeesport Area Sch. Dist., FGIC,
AAA		870		Zero Coupon, 10/01/31	ETM			226,826
AAA		2,435		Zero Coupon, 10/01/31	No Opt. Call			600,666
				Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,
A3		2,000		6.25%, 11/01/31	05/11	@ 101		2,091,100
A3		3,100		6.375%, 11/01/41	05/11	@ 101		3,245,390
A		2,750		Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.875%, 1/01/15	01/06	@ 101		2,858,928
AAA		4,000		Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog., 5.50%, 6/15/20, FGIC	06/06	@ 100		4,207,120

								13,230,030

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				Rhode Island—0.8%
AAA	$	2,000		Rhode Island Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA	05/07	@ 102	$	2,155,620

				South Carolina—3.3%
				So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,
BBB		2,185		Ser. A, 6.25%, 8/01/31	08/13	@ 100		2,311,708
BBB		4,000		Ser. C, 6.875%, 8/01/27	08/13	@ 100		4,427,960
BBB		2,090		Tobacco Settlement Rev. Mgmt. Auth., Ser. B, 6.375%, 5/15/30	No Opt. Call			1,949,322

								8,688,990

				Tennessee—5.1%
Baa1		7,800		Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24	11/04	@ 102		8,004,906
AAA		4,865		Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC	03/10	@ 101		5,380,496

								13,385,402

				Texas—10.7%
BBB		4,300		Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38	10/13	@ 101		4,581,908
				Dallas Cnty. Util. & Cap. Reclam. Dist., Ser. A, AMBAC,
AAA		6,085		Zero Coupon, 2/15/19	02/05	@ 44.538		2,685,615
AAA		3,800		Zero Coupon, 2/15/20	02/05	@ 41.799		1,573,352
AAA		6,000		Grapevine, GO, 5.875%, 8/15/24, FGIC	08/10	@ 100		6,789,420
AAA		5,000		Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA	11/30	@ 61.166		727,250
AAA		1,250		Northside Indpt. Sch. Dist., Ser. A, 5.00%, 2/15/32	02/12	@ 100		1,269,713
Baa1		6,320		Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26	11/11	@ 102		6,265,711
AAA		15,000		Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC	08/12	@ 32.807		3,133,350
AA+		1,000		Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22	08/10	@ 100		1,125,940

								28,152,259

				Utah—1.2%
				Intermountain Pwr. Agcy., Pwr. Sply. Rev.,
AAA		1,950		5.00%, 7/01/13, AMBAC	ETM			1,957,761
A+		1,145		Ser. B, 5.00%, 7/01/16	ETM			1,148,469

								3,106,230

				Washington—7.5%
				Washington, GO,
Aa1		4,000		Ser. A, 5.375%, 7/01/21	07/06	@ 100		4,136,840
Aa1		1,000		Ser. B, 6.00%, 1/01/25	01/10	@ 100		1,124,850
AAA		13,395		Washington Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA	07/06	@ 102		14,417,440

								19,679,130

				Wisconsin—1.3%
A-		3,220		Wisconsin Hlth. & Edl. Facs. Auth., Aurora Hlth. Care, 6.40%, 4/15/33	04/13	@ 100		3,518,816

				Wyoming—4.0%
A3		10,000		Sweetwater Cnty. PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26	07/06	@ 102		10,574,400

				Multi-State—4.9%
Baa1		7,000	⁶	Charter Mac Equity Issuer Trust, Ser. B, Zero Coupon, 11/30/50	11/10	@ 100		8,101,660
Baa1		4,000	⁶	MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50	11/10	@ 100		4,729,120

								12,830,780

				Total Long-Term Investments (cost $365,778,575)				396,233,965


				SHORT-TERM INVESTMENTS—5.1%
				New York—1.2%
A1+		3,100	⁷	New York City Transl. Fin. Auth., Ser. A-1, 1.75%, 11/03/04, FRWD	N/A			3,100,000

				Puerto Rico—0.1%
A-1		400	⁷	Puerto Rico Gov’t. Dev. Bank, 1.70%, 11/03/04, MBIA, FRWD	N/A			400,000

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Shares
(000)		Description	Value

		Money Market Fund—3.8%
	10,000	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	10,000,000

		Total Short-Term Investments (cost $13,500,000)		13,500,000

		Total Investments—156.1% (cost $379,278,575)	$	409,733,965
		Liabilities in excess of other assets—(0.2)%		(625,385	)
		Preferred shares at redemption value, including dividends payable—(55.9)%		(146,633,612	)

		Net Assets Applicable to Common Shareholders—100%	$	262,474,968


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

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

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

⁴	See Note 7 of Notes to Financial Statements.

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

⁶	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 4.9% of its net assets, with a current market value of $12,830,780, in securities restricted as to resale.

⁷	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of October 31, 2004.


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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock Municipal Income Trust (BFK)

	Principal			Option Call
Rating¹	Amount			Provisions²
(unaudited)	(000)		Description	(unaudited)		Value

			LONG-TERM INVESTMENTS—157.1%
			Alabama—6.3%
Baa2	$	7,000	Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19	06/05	@ 102	$	7,252,070
A2		15,000	Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32	06/12	@ 101		15,832,500
BBB		15,000	Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35	05/12	@ 100		15,834,300

							38,918,870

			Arizona—1.2%
A3		7,000	Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care, 5.80%, 12/01/31	12/11	@ 101		7,368,830

			California—21.7%
A		5,000	California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33	04/13	@ 100		5,208,800
			Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB		54,635	Zero Coupon, 1/15/32	01/10	@ 27.37		10,727,036
BBB		20,535	Zero Coupon, 1/15/34	01/10	@ 24.228		3,566,724
BBB		75,000	Zero Coupon, 1/15/38	01/10	@ 19.014		10,183,500
			Golden St. Tobacco Sec. Corp.,
BBB		10,000	Ser. A-1, 6.625%, 6/01/40	06/13	@ 100		9,649,500
A-		30,600	Ser. B, 5.50%, 6/01/43	06/13	@ 100		32,162,130
A-		16,500	Ser. B, 5.625%, 6/01/38	06/13	@ 100		17,486,205
NR		3,500	Lincoln, Spl. Tax, Cmnty. Facs. Dist., 6.00%, 9/01/34	09/13	@ 102		3,544,135
			Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,
B-		20,055	Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24	12/12	@ 102		18,176,047
AAA		13,320	Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC	01/12	@ 100		13,804,582
NR		5,000	Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34	09/14	@ 100		5,085,250
			San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,
NR		1,870	5.90%, 9/01/28	09/10	@ 102		1,896,722
NR		3,510	5.95%, 9/01/35	09/10	@ 102		3,560,053

							135,050,684

			Colorado—0.6%
BBB		3,500	Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31	12/11	@ 100		3,568,145

			Connecticut—5.0%
A3		5,950	Connecticut Dev. Auth., Connecticut Lt. & Pwr., PCR, Ser. A, 5.85%, 9/01/28	10/08	@ 102		6,293,017
			Mohegan Tribe Indians, Pub. Impvt. Priority Dist.,
BBB-		2,730	5.25%, 1/01/33	01/14	@ 100		2,742,176
BBB-		20,940	6.25%, 1/01/31	01/11	@ 101		22,135,255

							31,170,448

			District of Columbia—6.0%
			District of Columbia,
A		2,390	Friendship Pub. Charter Sch. Inc., 5.25%, 6/01/33, ACA	06/14	@ 100		2,410,195
			Georgetown Univ., Ser. A, MBIA,
AAA		15,600	Zero Coupon, 4/01/36	04/11	@ 22.875		2,503,800
AAA		51,185	Zero Coupon, 4/01/37	04/11	@ 21.546		7,724,840
BBB		25,535	Tobacco Settlement Fin. Corp., 6.75%, 5/15/40	05/11	@ 101		24,897,902

							37,536,737

			Florida—12.5%
NR		3,000	Amelia Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.30%, 5/01/35	05/14	@ 101		3,075,930
NR		4,000	Bellalago Edu. Fac., Benefits Dist., Ser. B, 5.80%, 5/01/34	5/14	@ 100		3,974,840
NR		2,000	CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35	05/14	@ 101		2,046,500
Baa2		4,600	Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30	09/06	@ 102		4,775,122
NR		2,000	Heritage Isle at Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35	5/12	@ 101		2,006,880
A		9,670	Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31	11/11	@ 101		10,406,757
BBB-		9,000	Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25	12/04	@ 102		9,196,380
BB		11,685	Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21	11/14	@ 100		12,445,109
NR		3,705	Parkway Ctr. Cmnty. Dev. Dist., Ser. A, 6.30%, 5/01/34	05/14	@ 101		3,742,532
NR		5,945	Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36	05/12	@ 101		6,036,612
NR		3,970	Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35	05/14	@ 100		4,056,308
NR		10,000	Village Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22	05/13	@ 100		10,119,800

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				Florida—(cont’d)
				World Commerce Cmnty. Dev. Dist.,
NR	$	4,000		Ser. A-1, 6.50%, 5/01/36	05/14	@ 101	$	4,056,880
NR		1,750		Ser. A-2, 6.125%, 5/01/35	05/14	@ 101		1,771,998

								77,711,648

				Georgia—6.4%
				Atlanta Wtr. and Wstwtr., FSA,
AAA		10,000		5.00%, 11/01/37	11/14	@ 100		10,272,800
AAA		25,080		5.00%, 11/01/43	11/14	@ 100		25,562,790
BBB		4,000		Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25	02/12	@ 101		4,190,560

								40,026,150

				Idaho—2.9%
AAA		16,970		Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC	04/11	@ 100		17,819,349

				Illinois—18.4%
				Bolingbrook, Ser. B, FGIC,
AAA		7,120		Zero Coupon, 1/01/33	No Opt. Call			1,583,275
AAA		14,085		Zero Coupon, 1/01/34	No Opt. Call			2,968,977
NR		4,630		Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23	No Opt. Call			4,640,093
AAA		2,480		Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA	01/13	@ 100		2,533,444
				Illinois Dev. Fin. Auth.,
A		7,145	³	Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24	11/09	@ 101		7,470,669
A2		25,000		PCR, Ser. C, 5.95%, 8/15/26	12/06	@ 101		25,797,500
				Illinois Edl. Facs. Auth.,
BBB		10,000		Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30	05/12	@ 101		10,264,700
BBB		7,000		Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34	05/07	@ 100		7,158,340
AA+		20,000		Univ. of Chicago, Ser. A, 5.25%, 7/01/41	07/11	@ 101		20,726,600
AA+		3,700		Illinois Fin. Auth., Northwestern Mem. Hosp., Ser. A, 5.50%, 8/15/43	08/14	@ 100		3,842,635
				Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,
A2		5,000		5.50%, 1/01/22	01/13	@ 100		5,224,000
A2		6,000		5.625%, 1/01/28	01/13	@ 100		6,236,760
AAA		40,000		Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj., Ser. A,
				Zero Coupon, 12/15/34, MBIA	No Opt. Call			8,226,800
AAA		7,645		O’Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA	01/14	@ 100		7,858,984

								114,532,777

				Indiana—7.1%
A+		9,000		Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31	09/11	@ 100		9,178,830
BBB		7,500		Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17	No Opt. Call			7,873,050
				Petersburg, PCR, Pwr. & Lt. Conv.,
BBB		10,000		5.90%, 12/01/24	08/11	@ 102		10,480,300
BBB		16,000		5.95%, 12/01/29	08/11	@ 102		16,692,320

								44,224,500

				Kentucky—1.5%
AAA		9,060		Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32	07/11	@ 100		9,226,251

				Louisiana—4.7%
				Louisiana Local Gov’t. Env. Facs. & Cmnty. Dev. Auth.,
A		21,425		Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA	No Opt. Call			24,425,571
Baa1		4,605		Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38	06/13	@ 102		4,657,635

								29,083,206

				Maryland—0.7%
BBB		4,205		Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33	08/14	@ 100		4,291,917

				Michigan—2.9%
AA		17,210		Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31	07/11	@ 101		17,988,925

				Mississippi—3.1%
A		18,680		Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31	07/11	@ 100		19,505,282

				Nevada—0.4%
AAA		2,235		Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC	07/14	@ 100		2,280,169

				New Hampshire—0.6%
A+		3,500		New Hampshire Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31	10/11	@ 101		3,676,330

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal			Option Call
Rating¹	Amount			Provisions²
(unaudited)	(000)		Description	(unaudited)		Value

			New Jersey—8.5%
			New Jersey Econ. Dev. Auth.,
BBB	$	18,500	Cigarette Tax Rev., 5.75%, 6/15/29	06/14	@ 100	$	19,002,460
B		31,410	Continental Airlines Inc. Proj., 7.00%, 11/15/30	11/10	@ 101		24,515,819
Baa3		8,000	Kapkowski Road Landfill Proj., 6.50%, 4/01/28	No Opt. Call			9,141,040

							52,659,319

			New York—2.2%
AAA		5,375	Env. Facs. Corp., Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj. B, 5.00%, 6/15/31	06/12	@ 100		5,543,184
AAA		7,115	Met. Transp. Auth., Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC	07/12	@ 100		7,320,125
AAA		750	Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC	10/14	@ 100		775,815

							13,639,124

			Ohio—3.1%
Baa2		14,500	Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20	08/07	@ 102		15,099,285
NR		3,760	Pinnacle Cmnty. Infrastructure, Fin. Auth., Ohio Facs., Ser. A, 6.25%, 12/01/36	12/14	@ 101		3,847,082

							18,946,367

			Pennsylvania—4.6%
A3		6,500	Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41	05/11	@ 101		6,804,850
			Pennsylvania Higher Edl. Facs. Auth.,
BBB+		4,000	La Salle Univ., 5.50%, 5/01/34	05/13	@ 100		4,106,960
A		17,250	Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22	01/06	@ 101		17,882,730

							28,794,540

			South Carolina—5.0%
			Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,
A		5,000	5.50%, 11/01/32	11/13	@ 100		5,162,100
A		10,000	5.75%, 11/01/28	11/13	@ 100		10,599,800
			So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,
BBB		5,075	Ser. A, 6.25%, 8/01/31	08/13	@ 100		5,369,299
BBB		9,000	Ser. C, 6.875%, 8/01/27	08/13	@ 100		9,962,910

							31,094,109

			Tennessee—1.5%
AAA		20,825	Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/20, FSA .	01/13	@ 67.474		9,402,071

			Texas—14.1%
			Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C,
BBB		6,860	5.75%, 5/01/36	No Opt. Call			7,451,195
BBB		945	6.75%, 10/01/38	10/13	@ 101		1,006,954
AAA		3,805	Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC	12/11	@ 100		3,868,163
			Harris Cnty. Houston Sports Auth., MBIA,
AAA		12,580	Ser. A, Zero Coupon, 11/15/38	11/30	@ 61.166		1,829,761
AAA		26,120	Ser. A-3, Zero Coupon, 11/15/37	11/24	@ 46.545		3,895,276
AAA		5,000	Ser. H, Zero Coupon, 11/15/35	11/31	@ 78.178		844,750
AAA		2,950	Northside Indpt. Sch. Dist., Ser. A, 5.00%, 2/15/32	02/12	@ 100		2,996,522
BBB+		4,450	Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 11/01/11	No Opt. Call			4,805,555
			Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev.,
Baa1		6,010	5.80%, 11/01/26	11/11	@ 102		5,958,374
CC		4,435	Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32	09/12	@ 102		1,330,500
Baa1		18,605	Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31	11/11	@ 102		18,341,739
BB-		6,480	So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32	09/12	@ 102		6,059,124
			Texas Tpke. Auth., Central Sys. Rev., AMBAC,
AAA		35,000	Zero Coupon, 8/15/32	08/12	@ 30.846		6,872,600
AAA		62,325	Zero Coupon, 8/15/33	08/12	@ 28.997		11,447,233
AAA		65,040	Zero Coupon, 8/15/34	08/12	@ 27.31		11,225,253

							87,932,999

			Virginia—0.3%
AAA		8,105	Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA	04/12	@ 34.99		1,881,171

			Washington—0.4%
A-		2,190	Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23	01/07	@ 103		2,319,736

			West Virginia—1.7%
BBB		8,000	Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25	04/05	@ 102		8,286,800
AAA		2,070	West Virginia Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA	06/14	@ 100		2,140,628

							10,427,428

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)			Value

				Wisconsin—6.1%
				Wisconsin Hlth. & Edl. Facs. Auth.,
BBB+	$	7,500		Aurora Hlth. Care, 6.40%, 4/15/33	04/13	@ 100	$	8,196,000
A+		13,750		Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30	10/11	@ 101		14,020,600
A		15,000		Wheaton Franciscan Svcs., 5.75%, 8/15/30	02/12	@ 101		15,797,700

								38,014,300

				Multi-State—7.6%
				Charter Mac Equity Issuer Trust,
A3		1,000	⁴	Ser. A, 6.625%, 6/30/49	06/09	@ 100		1,101,560
A3		11,000	⁴	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100		11,967,450
A3		16,000	⁴	Ser. A-3, 6.80%, 10/01/52	10/14	@ 100		18,284,480
Baa1		6,500	⁴	Ser. B-1, 6.80%, 11/30/50	11/10	@ 100		7,250,100
A3		8,000	⁴	MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49	06/09	@ 100		8,896,320

								47,499,910

				Total Long-Term Investments (cost $940,674,471)				976,591,292


				SHORT-TERM INVESTMENTS—2.3%
				Kansas—0.7%
A1+		3,960⁵		Kansas Dept. Transp. Hwy., Ser. B-1, 1.69%, 11/01/04, FRDD	N/A			3,960,000


	Shares
	(000)

				Money Market Fund—1.6%
		10,150		AIM Tax Free Investment Co. Cash Reserve Portfolio	N/A			10,150,000

				Total Short-Term Investments (cost $14,110,000)				14,110,000

				Total Investments—159.4% (cost $954,784,471)			$	990,701,292
				Other assets in excess of liabilities—1.0%				6,151,088
				Preferred shares at redemption value, including dividends payable—(60.4)%				(375,204,239	)

				Net Assets Applicable to Common Shareholders—100%			$	621,648,141


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

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

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

⁴	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 7.6% of its net assets, with a current market value of $47,499,910, in securities restricted as to resale.

⁵	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of October 31, 2004.

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock California Investment Quality Municipal Trust (RAA)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				LONG-TERM INVESTMENTS—119.0%
				California—111.3%
				California, GO,
A	$	960	^3,4	5.75%, 3/01/05	N/A		$	982,329
A		40		5.75%, 3/01/19	03/05	@ 101		40,932
BBB		1,000		California Cnty. Tobacco Sec. Agcy., Ser. B, 6.00%, 6/01/29	06/12	@ 100		921,650
				California Edl. Facs. Auth., MBIA,
AAA		760	³	Santa Clara Univ., 5.00%, 9/01/06	N/A			817,653
AAA		505		Student Loan Prog., Ser. A, 6.00%, 3/01/16	03/07	@ 102		533,861
				California Pub. Wks. Brd., Lease Rev., Ser. A,
A-		1,000	³	Dept. of Corrections., 6.875%, 11/01/04	N/A			1,020,000
A-		1,000		St. Univ. Proj., 6.10%, 10/01/06	11/04	@ 102		1,024,900
				Golden St. Tobacco Sec. Corp., Ser. B,
A-		600		5.50%, 6/01/43	06/13	@ 100		630,630
A-		400		5.625%, 6/01/38	06/13	@ 100		423,908
				Los Angeles Cnty.,
AAA		1,000		Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA	09/07	@ 102		1,113,460
AAA		1,000	³	Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA	N/A			1,077,420
AA		1,150		Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13	08/06	@ 101		1,231,500
B-		945	⁵	Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. B, 7.50%, 12/01/24	12/12	@ 102		858,155
NR		1,000	⁵	Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33	09/10	@ 102		999,910
BBB+		1,000		Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09	07/06	@ 102		1,079,890
NR		1,000	⁵	San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33	09/12	@ 102		1,001,380
AAA		500		San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC	11/04	@ 101		506,770
AAA		150		San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 12-A, 5.90%, 5/01/26, MBIA	05/06	@ 101		159,269
AAA		40		So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA	11/04	@ 100		40,144
AAA		500		Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC	08/07	@ 102		549,345
BBB		900		Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.625%, 6/01/43	06/12	@ 100		750,888
AAA		370		West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC	08/07	@ 101		400,033

								16,164,027

				Puerto Rico—7.7%
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		745	³	5.50%, 2/01/12	N/A			855,491
BBB+		255		5.50%, 8/01/29	02/12	@ 100		269,147

								1,124,638

				Total Long-Term Investments (cost $16,425,016)				17,288,665

See Notes to Financial Statements.

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

Shares
(000)		Description	Value

		MONEY MARKET FUNDS—9.6%
	700	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	700,000
	700	SSgA Tax Free Money Mkt. Fund		700,000

		Total Money Market Funds (cost $1,400,000)		1,400,000

		Total Investments—128.6% (cost $17,825,016)	$	18,688,665
		Other assets in excess of liabilities—23.0%		3,341,178
		Preferred shares at redemption value, including dividends payable—(51.6)%		(7,501,275	)

		Net Assets Applicable to Common Shareholders—100%	$	14,528,568


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

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

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

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

⁵	See Note 7 of Notes to Financial Statements.

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock California Municipal Income Trust (BFZ)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				LONG-TERM INVESTMENTS—157.6%
				California—132.2%
				Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA,
AAA	$	24,500		Zero Coupon, 9/01/31	No Opt. Call		$	5,774,405
AAA		6,070		Zero Coupon, 9/01/32	No Opt. Call			1,351,789
				California, GO,
A		10,000		5.50%, 11/01/33	11/13	@ 100		10,659,500
AAA		5,500		Ser. BZ, 5.35%, 12/01/21, MBIA	06/07	@ 101		5,603,565
AAA		5,000		Ser. BZ, 5.375%, 12/01/24, MBIA	06/07	@ 101		5,067,050
				California Cnty. Tobacco Sec. Agcy.,
BBB		6,000		Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35	06/12	@ 100		5,349,480
BBB		6,000		Kern Cnty. Corp., Ser. B, 6.25%, 6/01/37	06/12	@ 100		5,532,420
BBB		5,000		Stanislaus Fdg., Ser. A, 5.875%, 6/01/43	06/12	@ 100		4,340,700
				California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,
A2		4,000	³	5.375%, 5/01/21	05/12	@ 101		4,366,960
A2		6,000		5.375%, 5/01/22	05/12	@ 101		6,513,960
AAA		10,000		California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32	06/11	@ 101		10,549,600
				California Hlth. Facs. Fin. Auth., Ser. A,
A		3,000		Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27	05/12	@ 100		3,136,410
AAA		4,890		Kaiser Proj., 5.40%, 5/01/28	ETM			5,068,681
				California Infrastructure & Econ. Dev.,
AAA		20,035		Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC	07/13	@ 100		20,619,221
A		15,250		J. David Gladstone Inst. Proj., 5.25%, 10/01/34	10/11	@ 101		15,607,002
A		13,500		Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31	08/11	@ 102		14,080,500
BBB+		4,000		California Poll. Ctrl. Fin. Auth., Sld. Wst. Disp. Rev., Republic Svcs. Inc. Proj., Ser. C,
				5.25%, 6/01/23	No Opt. Call			4,262,040
AA-		10,000		California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B, 5.625%, 8/15/42	08/12	@ 100		10,411,700
AAA		6,000		El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC	01/11	@ 100		6,291,180
				Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,
AAA		7,485		Zero Coupon, 12/01/29	12/11	@ 37.373		1,884,947
AAA		7,485		Zero Coupon, 12/01/30	12/11	@ 35.365		1,780,382
AAA		7,485		Zero Coupon, 12/01/31	12/11	@ 33.465		1,682,853
				Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB		5,000		Zero Coupon, 1/15/33	01/10	@ 25.78		924,350
BBB		5,000		Zero Coupon, 1/15/34	01/10	@ 24.228		868,450
BBB		13,445		Zero Coupon, 1/15/35	01/10	@ 22.819		2,196,913
BBB		1,000		Zero Coupon, 1/15/38	01/10	@ 19.014		135,780
BBB		10,030		5.75%, 1/15/40	01/10	@ 101		10,137,722
				Golden St. Tobacco Sec. Corp.,
BBB		2,000		Ser. A-1, 6.625%, 6/01/40	06/13	@ 100		1,929,900
BBB		1,000		Ser. A-1, 6.75%, 6/01/39	06/13	@ 100		986,800
A-		10,200		Ser. B, 5.50%, 6/01/43	06/13	@ 100		10,720,710
A-		5,800		Ser. B, 5.625%, 6/01/38	06/13	@ 100		6,146,666
NR		5,000		Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28	03/08	@ 102		4,961,300
A3		7,700		Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34	08/12	@ 102		8,259,482
				Lathrop Fin. Auth., Wtr. Sply. Proj.,
NR⁴		2,855		5.90%, 6/01/27	06/13	@ 100		2,878,782
NR⁴		5,140		6.00%, 6/01/35	06/13	@ 100		5,228,511
B-		4,110		Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24	12/12	@ 102		3,724,934
BBB		1,000		Palm Springs Mobile Home Park, Sahara Mobile Home Park, 5.625%, 5/15/26	05/12	@ 102		1,032,640
NR		4,000		Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33	09/13	@ 100		4,220,880
AAA		15,500		Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj., 5.125%, 9/01/30, MBIA .	09/11	@ 100		15,979,260
AAA		1,905		Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC	No Opt. Call			456,952
AAA		6,500		San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A, 5.25%, 5/01/31, MBIA	05/11	@ 100		6,741,540
				San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South,
NR		1,775		6.125%, 8/01/31	08/09	@ 102		1,816,571
NR		7,500		6.25%, 8/01/33	08/11	@ 101		7,735,650
				San Jose Multi-Fam. Hsg.,
AAA		2,880		Lenzen Hsg., Ser. B, 5.45%, 2/20/43	08/11	@ 102		2,969,050
AAA		4,225		Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34	04/11	@ 100		4,339,455

See Notes to Financial Statements.

BlackRock California Municipal Income Trust (BFZ) (continued)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				California—(cont’d)
				Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser. A,
NR	$	6,250		Blossom River Apts., 6.50%, 9/01/39	03/08	@ 102	$	6,081,500
A3		1,715		John Burns Gardens Apts. Proj., 5.85%, 8/01/31	02/12	@ 101		1,750,775
A3		1,235		River Town Apts. Proj., 6.00%, 8/01/41	02/12	@ 101		1,265,418
NR		3,075		Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32	11/10	@ 102		3,132,072
BBB		5,345		Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41	06/11	@ 100		4,291,020
				Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,
BBB		7,000		5.50%, 6/01/36	06/12	@ 100		5,791,240
BBB		11,500		5.625%, 6/01/43	06/12	@ 100		9,594,680
AAA		2,000		Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA	08/13	@ 100		2,100,020
NR		2,245		Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28	10/13	@ 102		2,342,298
A2		2,000		Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33	04/08	@ 100		2,060,600

								292,736,266

				Puerto Rico—15.0%
				Puerto Rico, Public Impvt., Ser. A,
A-		1,850		5.00%, 7/01/29	07/14	@ 100		1,891,718
A-		3,150		5.00%, 7/01/34	07/14	@ 100		3,211,204
A-		10,000		Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31	07/12	@ 101		10,446,900
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		10,000	⁵	5.70%, 2/01/10	N/A			11,399,600
BBB+		5,750	⁵	5.75%, 2/01/07	N/A			6,214,140

								33,163,562

				Multi-State—10.4%
				Charter Mac Equity Issuer Trust,
A3		7,000	⁶	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100		7,615,650
Baa1		4,000	⁶	Ser. B-1, 6.80%, 11/30/50	11/10	@ 100		4,461,600
				MuniMae TE Bond Subsidiary, LLC,
A3		7,000	⁶	Ser. A-1, 6.30%, 6/30/49	06/09	@ 100		7,563,360
Baa1		3,000	⁶	Ser. B-1, 6.80%, 6/30/50	11/10	@ 100		3,342,360

								22,982,970

				Total Investments—157.6% (cost $336,663,830)			$	348,882,798
				Other assets in excess of liabilities—2.0%				4,454,021
				Preferred shares at redemption value, including dividends payable—(59.6)%				(131,966,087	)

				Net Assets Applicable to Common Shareholders—100%			$	221,370,732


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

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

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

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

⁵	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

⁶	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 10.4% of its net assets, with a current market value of $22,982,970, in securities restricted as to resale.

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock Florida Investment Quality Municipal Trust (RFA)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				LONG-TERM INVESTMENTS—115.6%
				Florida—106.7%
AAA	$	170		Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC	ETM		$	208,405
AAA		1,000		Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC	07/06	@ 102		1,072,280
Baa1		1,000		Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38	06/13	@ 102		943,540
AAA		1,000		Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA	02/06	@ 101		1,042,070
AAA		1,000		Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA	10/05	@ 102		1,047,690
AAA		1,000	³	Dade Cnty., GO, Ser. B, Zero Coupon, 10/01/08, AMBAC	N/A			651,070
AAA		1,000	³	First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC	N/A			1,071,640
Aaa		1,000	³	Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/01/05	N/A			1,033,380
AAA		500		Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%, 3/01/15, AMBAC	03/05	@ 102		516,975
AAA		1,000	³	Florida Dept. of Trans., GO, 5.80%, 7/01/05	N/A			1,036,230
AAA		1,000	³	Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn., Ser. A,
				5.75%, 7/01/05, AMBAC	N/A			1,035,900
AAA		1,000	³	Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA	N/A			1,055,480
BB		500		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21	11/14	@ 100		532,525
AAA		5,000		Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA	04/08	@ 28.079		1,132,600
A+		750		Miami Hlth. Facs. Auth., Catholic Hlth. East, Ser. C, 5.125%, 11/15/24	11/13	@ 100		759,607
AA-		1,000		Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys., 5.50%, 11/15/33	05/13	@ 100		1,041,580
NR		660		Stevens Plantation Impvt. Proj., 6.375%, 5/01/13	No Opt. Call			677,503
NR		1,000	⁴	Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33	05/13	@ 101		1,058,080
AAA		1,000	^3,5	Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC	N/A			1,080,760
BBB+		1,000		Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16	10/06	@ 102		1,058,750

								18,056,065

				Puerto Rico—8.9%
A-		380	³	Puerto Rico Pub. Bldg. Auth., Pub. Ed. & Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05	N/A			389,265
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		745	³	5.50%, 2/01/12	N/A			855,491
BBB+		255		5.50%, 8/01/29	02/12	@ 100		269,147

								1,513,903

				Total Long-Term Investments (cost $18,280,377)				19,569,968


	Shares
	(000)

				MONEY MARKET FUNDS—9.5%
		800		AIM Tax Free Investment Co. Cash Reserve Portfolio	N/A			800,000
		800		SSgA Tax Free Money Mkt. Fund	N/A			800,000

				Total Money Market Funds (cost $1,600,000)				1,600,000

				Total Investments—125.1% (cost $19,880,377)			$	21,169,968
				Other assets in excess of liabilities—25.1%				4,260,344
				Preferred shares at redemption value, including dividends payable—(50.2)%				(8,501,222	)

				Net Assets Applicable to Common Shareholders—100%			$	16,929,090


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

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

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

⁴	See Note 7 of Notes to Financial Statements.

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

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock Florida Municipal Income Trust (BBF)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				LONG-TERM INVESTMENTS—155.2%
				Florida—134.4%
AA	$	7,715		Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32	05/12	@ 102	$	8,332,046
A		2,000		Boynton Beach Multi. Fam. Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA	01/13	@ 100		2,040,920
AAA		2,800		Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Loan Prog., Ser. F-1, 5.00%, 10/01/31, MBIA	08/11	@ 102		2,844,156
Baa1		1,000		Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38	06/13	@ 102		943,540
AAA		7,000	³	Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC	No Opt. Call			7,167,790
				Florida Brd. of Ed., GO,
AA+		5,550		Ser. A, 5.125%, 6/01/30	06/10	@ 101		5,754,462
AAA		1,000		Ser. J, 5.00%, 6/01/24, AMBAC	06/13	@ 101		1,057,220
BBB-		3,000		Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29	10/09	@ 102		2,943,330
NR		2,775		Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08	No Opt. Call			2,845,207
NR		1,715		Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34	05/13	@ 101		1,802,534
A		6,500		Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31	11/11	@ 101		6,995,235
BBB+		1,450		Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23	10/12	@ 100		1,474,157
AA		7,500		Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%, 11/15/36	11/11	@ 101		7,882,950
AAA		4,000		Jacksonville Transp., 5.00%, 10/01/26, MBIA	10/11	@ 100		4,131,720
				JEA,
AA		5,000		Elec. Sys., Ser. A, 5.20%, 10/01/33	11/04	@ 100		5,010,050
AA		5,000		Elec. Sys., Ser. A, 5.50%, 10/01/41	10/07	@ 100		5,425,850
AA		7,500		Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37	10/06	@ 100		7,605,675
NR⁵		1,675		Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33	05/13	@ 101		1,745,869
AAA		2,770		Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC	ETM			1,300,792
BB		3,000		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21	11/14	@ 100		3,195,150
AAA		1,000		Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC	07/11	@ 101		1,056,070
				Miami Dade Cnty., Spec. Oblig. Rev., MBIA,
AAA		2,595		Ser. A, Zero Coupon, 10/01/19	04/08	@ 55.413		1,243,732
AAA		9,700		Ser. B, Zero Coupon, 10/01/33	04/08	@ 25.056		1,958,721
AAA		25,000		Ser. C, Zero Coupon, 10/01/28	04/08	@ 32.99		6,719,250
				No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43,
NR		1,630		6.10%, 8/01/21	08/11	@ 101		1,696,145
NR		3,500		6.125%, 8/01/31	08/11	@ 101		3,609,515
AAA		2,500		Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC	08/11	@ 101		2,607,600
AA-		12,000		So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33	02/13	@ 100		12,323,520
AAA		1,500		St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA	10/09	@ 101		1,540,440
NR		2,815		Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32	10/09	@ 100		2,865,220
NR		2,000		Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33	05/13	@ 101		2,116,160
AA		5,500		Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA	04/12	@ 100		5,929,495
AA		4,000		Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26	10/11	@ 101		4,148,320
				Village Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A,
NR		4,000		6.00%, 5/01/22	05/13	@ 101		4,127,400
NR		1,870		6.50%, 5/01/33	05/13	@ 101		1,983,715
BBB+		2,000		Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%, 10/15/29	10/09	@ 101		2,074,860

								136,498,816

See Notes to Financial Statements.

BlackRock Florida Municipal Income Trust (BBF) (continued)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				Puerto Rico—20.8%
BBB	$	6,000		Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12	@ 100	$	5,345,460
				Puerto Rico, Pub. Impvt., Ser. A,
AAA		2,520	⁴	5.125%, 7/01/11	N/A			2,855,689
A-		4,980		5.125%, 7/01/31	07/11	@ 100		5,093,295
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		4,000	⁴	5.70%, 2/01/10	N/A			4,559,840
BBB+		3,000	⁴	5.75%, 2/01/07	N/A			3,242,160

								21,096,444

				Total Investments—155.2% (cost $151,328,586)			$	157,595,260
				Other assets in excess of liabilities—1.5%				1,476,133
				Preferred shares at redemption value, including dividends payable—(56.7)%				(57,559,455	)

				Net Assets Applicable to Common Shareholders—100%			$	101,511,938


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

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

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

⁴	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

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

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				LONG-TERM INVESTMENTS—129.1%
				New Jersey—114.5%
AAA	$	1,000		Delaware River Port. Auth. of PA & NJ, 5.75%, 1/01/26, FSA	01/10	@ 100	$	1,109,580
AAA		1,000	³	Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA	N/A			1,071,020
Baa1		1,000		Middlesex Cnty. Impvt. Auth., St. Student Hsg. Proj., Ser. A, 5.00%, 8/15/35	08/14	@ 100		988,000
				New Jersey Econ. Dev. Auth.,
BBB		1,000		Cigarette Tax Rev., 5.75%, 6/15/34	06/14	@ 100		1,025,950
B		925	⁴	Continental Airlines Inc. Proj., 7.00%, 11/15/30	11/10	@ 101		721,972
BBB		500		Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15	No Opt. Call			529,980
AAA		900		Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA	No Opt. Call			1,028,286
AAA		1,000	³	New Jersey Edl. Fac. Auth., Rowan Coll., Ser. E, 5.875%, 7/01/06, AMBAC	N/A			1,073,670
				New Jersey Hlth. Care Fac. Fin. Auth.,
A		1,000		Hackensack Univ. Med. Ctr, 6.00%, 1/01/25	01/10	@ 101		1,057,030
AAA		1,000		St. Joseph’s Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE	07/06	@ 102		1,071,880
				New Jersey Tpke. Auth., Ser. C, AMBAC,
AAA		785		6.50%, 1/01/16	ETM			966,790
AAA		215		6.50%, 1/01/16	No Opt. Call			265,360
				New Jersey Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA,
AAA		375	³	5.50%, 6/15/05	N/A			390,953
AAA		625		5.50%, 6/15/15	06/05	@ 102		650,950
AAA		375	³	5.75%, 6/15/05	N/A			391,522
AAA		625		5.75%, 6/15/14	06/05	@ 102		651,906
AA-		1,000	³	No. Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05	N/A			1,011,130
AAA		1,000		Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC	12/09	@ 101		1,139,500
AA-		1,000		Port Auth. of NY & NJ, 5.75%, 12/15/20	06/05	@ 101		1,032,530
BBB		1,000		Tobacco Settlement Fin. Corp., 6.125%, 6/01/42	06/12	@ 100		890,290

								17,068,299

				Puerto Rico—7.2%
AAA		1,000	^3,5	Puerto Rico, 5.40%, 7/01/06, FSA	N/A			1,071,640

				Multi-State—7.4%
A3		1,000	⁶	Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49	06/09	@ 100		1,101,560

				Total Long-Term Investments (cost $18,061,417)				19,241,499


	Shares
	(000)

				MONEY MARKET FUNDS—9.4%
		700		AIM Tax Free Investment Co. Cash Reserve Portfolio	N/A			700,000
		700		SSgA Tax Free Money Mkt. Fund	N/A			700,000

				Total Money Market Funds (cost $1,400,000)				1,400,000

				Total Investments—138.5% (cost $19,461,417)			$	20,641,499
				Other assets in excess of liabilities—11.8%				1,759,632
				Preferred shares at redemption value, including dividends payable—(50.3)%				(7,501,592	)

				Net Assets Applicable to Common Shareholders—100%			$	14,899,539


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

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

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

⁴	See Note 7 of Notes to Financial Statements.

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

⁶	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 7.4% of its net assets, with a current market value of $1,101,560, in securities restricted as to resale.

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				LONG-TERM INVESTMENTS—153.4%
				New Jersey—111.0%
				Cherry Hill Twnshp., GO,
AA-	$	4,065		5.00%, 7/15/22	07/11	@ 100	$	4,274,551
AA-		4,275		5.00%, 7/15/23	07/11	@ 100		4,467,332
AAA		12,600		Garden St. Presvtn. Trust, Open Space & Farmland Presvtn., Zero Coupon, 11/01/26, FSA	No Opt. Call			4,328,982
				Middlesex Cnty. Impvt. Auth.,
AAA		1,400		Admin. Bldg. Res. Proj., 5.35%, 7/01/34	07/11	@ 100		1,461,082
AAA		4,470		New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35	08/12	@ 100		4,586,622
BBB-		2,500		Middlesex Cnty. Poll. Ctrl. Auth., Amerada Hess, 6.05%, 9/15/34	09/14	@ 100		2,622,450
				New Jersey Econ. Dev. Auth.,
BBB		5,000		Cigarette Tax Rev., 5.75%, 6/15/34	06/14	@ 100		5,129,750
B		3,450		Continental Airlines Inc. Proj., 7.00%, 11/15/30	11/10	@ 101		2,692,760
B		2,000		Continental Airlines Inc. Proj., 7.20%, 11/15/30	11/10	@ 101		1,600,280
BBB-		2,630		First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18	01/09	@ 102		2,630,026
BBB-		4,050		First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24	11/14	@ 100		4,151,371
Baa3		2,500		Kapkowski Road Landfill Proj., 6.50%, 4/01/28	No Opt. Call			2,856,575
Baa3		5,000		Kapkowski Road Landfill Proj., 6.50%, 4/01/31	No Opt. Call			5,646,400
A+		2,000		Masonic Charity Fndtn. Proj., 5.50%, 6/01/31	06/11	@ 102		2,142,860
BBB		2,000		Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15	No Opt. Call			2,119,920
Aaa		1,960		Victoria Hlth., Ser. A, 5.20%, 12/20/36	12/11	@ 103		2,063,194
				New Jersey Edl. Facs. Auth.,
BBB-		1,000		Fairleigh Dickinson Univ., Ser. C, 5.50%, 7/01/23	07/14	@ 100		1,041,290
BBB-		2,000		Fairleigh Dickinson Univ., Ser. C, 6.00%, 7/01/20	07/14	@ 100		2,186,000
BBB-		3,000		Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25	07/13	@ 100		3,211,350
BBB+		2,120		Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33	07/13	@ 100		2,347,943
				New Jersey Hlth. Care Fac. Fin. Auth.,
A		4,500		Atlantic City Med. Ctr., 5.75%, 7/01/25	07/12	@ 100		4,747,680
A+		3,000		Catholic Hlth. East, Ser. A, 5.375%, 11/15/33	11/12	@ 100		3,087,870
A3		10,000	⁵	Kennedy Hlth. Sys., 5.625%, 7/01/31	07/11	@ 100		10,516,400
Baa1		1,960		So. Jersey Hosp., 6.00%, 7/01/26	07/12	@ 100		2,065,565
Baa1		5,500		So. Jersey Hosp., 6.00%, 7/01/32	07/12	@ 100		5,774,890
BBB+		1,540		So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23	11/04	@ 101		1,561,545
Aaa		1,950		Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30	06/12	@ 102		2,055,866
AAA		8,000		Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA	12/07	@ 102		8,763,120
BBB		18,000		Tobacco Settlement Fin. Corp., 6.125%, 6/01/42	06/12	@ 100		16,025,220
				Trenton Pkg. Auth., FGIC,
AAA		5,465		5.00%, 4/01/25	04/11	@ 100		5,679,665
AAA		1,500		5.00%, 4/01/30	04/11	@ 100		1,538,595
				Vineland, GO, MBIA,
AAA		1,500		5.30%, 5/15/30	05/10	@ 101		1,577,520
AAA		1,500		5.375%, 5/15/31	05/10	@ 101		1,582,110

								126,536,784

				Puerto Rico—28.5%
				Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,
AAA		2,735		Ser. A, 5.20%, 12/01/33	06/11	@ 100		2,793,802
AAA		2,735		Ser. B, 5.30%, 12/01/28	06/11	@ 100		2,784,996
A		3,800		Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38	07/12	@ 100		3,945,502
				Puerto Rico Pub. Bldgs. Auth., Ser. D,
AAA		5,000		Zero Coupon, 7/01/31, AMBAC	07/17	@ 100		3,635,700
A-		4,765	⁴	Gov’t Facs., 5.25%, 7/01/12	N/A			5,409,943
A-		1,735		Gov’t Facs., 5.25%, 7/01/36	07/12	@ 100		1,801,433
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		4,000	⁴	5.70%, 2/01/10	N/A			4,559,840
BBB+		7,040	⁴	5.75%, 2/01/07	N/A			7,608,269

								32,539,485

See Notes to Financial Statements.

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

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value


				Multi-State—13.9%
				Charter Mac Equity Issuer Trust,
A3	$	7,000	⁵	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100	$	7,615,650
Baa1		2,500	⁵	Ser. B-1, 6.80%, 11/30/50	11/10	@ 100		2,788,500
				MuniMae TE Bond Subsidiary, LLC,
A3		3,000	⁵	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100		3,241,440
Baa1		2,000	⁵	Ser. B-1, 6.80%, 6/30/50	11/10	@ 100		2,228,240

								15,873,830

				Total Investments—153.4% (cost $166,977,210)			$	174,950,099
				Other assets in excess of liabilities—2.5%				2,877,247
				Preferred shares at redemption value, including dividends payable—(55.9)%				(63,807,919	)

				Net Assets Applicable to Common Shareholders—100%			$	114,019,427


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

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

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

⁴	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

⁵	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 13.9% of its net assets, with a current market value of $15,873,830, in securities restricted as to resale.

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock New York Investment Quality Municipal Trust (RNY)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				LONG-TERM INVESTMENTS—130.4%
				New York—121.0%
AAA	$	1,000		Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B, 5.00%, 12/01/33, MBIA .	06/08	@ 100	$	1,014,010
AA-		2,100		Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23	07/13	@ 100		2,215,059
AAA		1,000		Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC	11/06	@ 102		1,078,140
				New York City, GO,
A		820	³	Ser. A, 6.00%, 5/15/10	N/A			958,826
A+		180		Ser. A, 6.00%, 5/15/30	05/10	@ 101		199,971
AA		1,000		Ser. B, 5.70%, 8/15/12	08/05	@ 101		1,037,870
A		815	³	Ser. I, 5.875%, 3/15/06	N/A			870,624
A+		185		Ser. I, 5.875%, 3/15/18	03/06	@ 101.5		196,350
AA		1,000		New York City Hsg. Dev. Corp. Multi. Fam. Hsg. Rev., Ser. A, 5.25%, 5/01/30	05/14	@ 100		1,030,910
				New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A-		1,000		6.00%, 1/01/08	11/04	@ 102		1,017,490
A-		1,000		6.10%, 1/01/09	11/04	@ 102		1,017,650
				New York City Mun. Wtr. Fin. Auth.,
AAA		1,000	³	Ser. A, 6.00%, 6/15/05	N/A			1,035,700
AA+		1,000		Wtr. & Swr. Sys. Rev., Ser. C, 5.125%, 6/15/33	06/11	@ 101		1,033,410
				New York City Transl. Fin. Auth., Ser. B,
AAA		815	³	6.00%, 5/15/10	N/A			955,261
AA+		185		6.00%, 11/15/21	05/10	@ 101		212,804
AA+		1,000	^3,4	6.00%, 5/15/10	N/A			1,172,100
				New York Dorm. Auth.,
AAA		750		Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA	02/13	@ 100		772,515
Aa3		1,000		Kateri Residence, 5.00%, 7/01/22	07/13	@ 100		1,024,840
BB+		1,000		Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25	07/10	@ 101		1,025,070
AAA		1,005		St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC	No Opt. Call			1,152,785
A+		1,000		Univ. of Rochester, Ser. B, 5.625%, 7/01/24	07/09	@ 101		1,082,140
AAA		1,000	³	New York Urban Dev. Corp., Correctional Facs., 5.70%, 1/01/07, MBIA	N/A			1,098,130
Caa2		1,000	⁵	Port Auth. of NY & NJ, Spec. Oblig., Contl./Eastn. Proj. LaGuardia, 9.125%, 12/01/15	11/04	@ 100		1,005,840
AAA		1,000		Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC	10/14	@ 100		1,034,420
AAA		1,000		Triborough Brdg. & Tunl. Auth., New York Revs., Refdg., Ser. A, 5.00%, 1/01/32, MBIA	01/12	@ 100		1,025,930

								24,267,845

				Puerto Rico—7.8%
BBB		500		Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12	@ 100		445,455
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		745	³	5.50%, 2/01/12	N/A			855,491
BBB+		255		5.50%, 8/01/29	02/12	@ 100		269,147

								1,570,093

				Trust Territories—1.6%
Ba3		315		Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33	10/13	@ 100		323,272

				Total Long-Term Investments (cost $24,345,131)				26,161,210

See Notes to Financial Statements.

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

Shares
(000)		Description	Value

		MONEY MARKET FUNDS—9.9%
	1,000	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	1,000,000
	1,000	SSgA Tax Free Money Mkt. Fund		1,000,000

		Total Money Market Funds (cost $2,000,000)		2,000,000

		Total Investments—140.3% (cost $26,345,131)	$	28,161,210
		Other assets in excess of liabilities—8.5%		1,707,115
		Preferred shares at redemption value, including dividends payable—(48.8)%		(9,802,818	)

		Net Assets Applicable to Common Shareholders—100%	$	20,065,507


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

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

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

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

⁵	See Note 7 of Notes to Financial Statements.

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock New York Municipal Income Trust (BNY)

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

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

								240,148,656

See Notes to Financial Statements.

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

	Principal				Option Call
Rating¹	Amount				Provisions²
(unaudited)	(000)			Description	(unaudited)		Value

				Puerto Rico—18.7%
BBB	$	4,060		Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12	@ 100	$	3,617,095
				Puerto Rico Pub. Bldgs. Auth., Gov’t Facs., Ser. D,
A-		4,400	³	5.25%, 7/01/12	N/A			4,995,540
A-		1,600		5.25%, 7/01/36	07/12	@ 100		1,661,264
				Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+		7,475	³	5.50%, 2/01/12	N/A			8,583,617
BBB+		2,525		5.50%, 8/01/29	02/12	@ 100		2,665,087
BBB+		7,000	³	5.70%, 2/01/10	N/A			7,979,720
BBB+		5,750	³	5.75%, 2/01/07	N/A			6,214,140

								35,716,463

				Multi-State 11.7%
				Charter Mac Equity Issuer Trust,
A3		6,000	⁵	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100		6,527,700
Baa1		5,500	⁵	Ser. B-1, 6.80%, 11/30/50	11/10	@ 100		6,134,700
				MuniMae TE Bond Subsidiary, LLC,
A3		6,000	⁵	Ser. A-1, 6.30%, 6/30/49	06/09	@ 100		6,482,880
Baa1		3,000	⁵	Ser. B-1, 6.80%, 6/30/50	11/10	@ 100		3,342,360

								22,487,640

				Trust Territories—1.6%
Ba3		2,945		Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33	10/13	@ 100		3,022,336

				Total Long-Term Investments (cost $287,483,117)				301,375,095


	Shares
	(000)

				MONEY MARKET FUND—0.2%
		400		AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $400,000)	N/A			400,000

				Total Investments—157.8% (cost $287,883,117)			$	301,775,095
				Liabilities in excess of other assets—(0.4)%				(729,441	)
				Preferred shares at redemption value, including dividends payable—(57.4)%				(109,771,939	)

				Net Assets Applicable to Common Shareholders—100%			$	191,273,715


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

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

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

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

⁵	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 11.7% of its net assets, with a current market value of $22,487,640, in securities restricted as to resale.

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

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2004

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

Investments at value¹	$	409,733,965		$	990,701,292		$	18,688,665		$	348,882,798
Cash		549,551			506,736			3,176,254			300,774
Receivable from investments sold		2,557,862			10,199,372			—			—
Interest receivable		6,807,786			16,871,254			291,442			5,902,545
Other assets		99,613			124,959			17,613			43,563

		419,748,777			1,018,403,613			22,173,974			355,129,680


Liabilities
Payable to custodian		—			—			—			—
Payable for investments purchased		8,722,273			16,539,408			—			—
Variation margin payable		253,875			912,375			1,125			338,250
Dividends payable — common shares		1,272,897			3,536,108			71,101			1,140,007
Investment advisory fee payable		120,851			294,230			7,339			104,145
Administration fee payable		51,793			—			2,944			—
Deferred Directors’ or Trustees’ fees		66,715			82,509			12,660			28,701
Other accrued expenses		151,793			186,603			48,962			181,758

		10,640,197			21,551,233			144,131			1,792,861


Preferred Shares at Redemption Value
$25,000 liquidation value per share,
including dividends payable^2,3		146,633,612			375,204,239			7,501,275			131,966,087


Net Assets Applicable to
Common Shareholders	$	262,474,968		$	621,648,141		$	14,528,568		$	221,370,732


Composition of Net Assets Applicable to
Common Shareholders:
Par value	$	167,071		$	43,529		$	10,071		$	14,986
Paid-in capital in excess of par		231,766,743			618,575,595			13,411,135			212,626,998
Undistributed net investment income		12,876,540			20,211,294			373,382			6,189,963
Accumulated net realized gain (loss)		(11,416,125	)		(48,158,153	)		(123,608	)		(7,848,714	)
Net unrealized appreciation		29,080,739			30,975,876			857,588			10,387,499

Net assets applicable to common shareholders,
October 31, 2004	$	262,474,968		$	621,648,141		$	14,528,568		$	221,370,732


Net asset value per common share⁴		$15.71			$14.26			$14.43			$14.77



¹Investments at cost	$	379,278,575		$	954,784,471		$	17,825,016		$	336,663,830
²Preferred shares outstanding		5,862			15,005			300			5,278
³Par value per share		0.01			0.001			0.01			0.001
⁴Common shares outstanding		16,707,093			43,588,385			1,007,093			14,985,501

See Notes to Financial Statements.

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

$	21,169,968	$	157,595,260		$	20,641,499		$	174,950,099		$	28,161,210	$	301,775,095
	4,094,221		—			1,514,161			455,073			2,404,022		549,213
	—		80,000			—			250,000			—		2,991,000
	301,595		2,450,390			354,854			3,021,651			481,444		5,239,310
	17,774		16,822			18,207			19,808			17,878		37,679

	25,583,558		160,142,472			22,528,721			178,696,631			31,064,554		310,592,297



	—		269,969			—			—			—		—
	—		—			—			—			1,033,220		8,129,830
	1,500		128,625			1,125			156,375			1,875		225,000
	79,777		500,968			67,624			556,910			95,581		943,357
	7,538		47,076			6,629			52,448			8,836		88,919
	3,419		—			2,997			—			3,900		—
	12,667		10,085			13,232			12,341			12,586		24,992
	48,345		114,356			35,983			91,211			40,231		134,545

	153,246		1,071,079			127,590			869,285			1,196,229		9,546,643




	8,501,222		57,559,455			7,501,592			63,807,919			9,802,818		109,771,939



$	16,929,090	$	101,511,938		$	14,899,539		$	114,019,427		$	20,065,507	$	191,273,715




$	11,271	$	6,646		$	10,071		$	7,415		$	13,071	$	12,521
	15,001,008		94,259,825			13,165,936			105,166,744			17,655,407		177,620,593
	489,204		2,393,507			600,862			3,228,123			584,462		4,820,612
	146,423		(718,244	)		(51,349	)		(1,508,841	)		6,923		(3,853,549	)
	1,281,184		5,570,204			1,174,019			7,125,986			1,805,644		12,673,538


$	16,929,090	$	101,511,938		$	14,899,539		$	114,019,427		$	20,065,507	$	191,273,715


	$15.02		$15.27			$14.79			$15.38			$15.35		$15.28



$	19,880,377	$	151,328,586		$	19,461,417		$	166,977,210		$	26,345,131	$	287,883,117
	340		2,302			300			2,552			392		4,390
	0.01		0.001			0.01			0.001			0.01		0.001
	1,127,093		6,646,343			1,007,093			7,414,793			1,307,093		12,521,494

STATEMENTS OF OPERATIONS

For the year ended October 31, 2004

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


Investment Income
Interest income	$	22,489,392		$	57,267,655		$	1,124,018		$	19,101,862


Expenses
Investment advisory		1,421,068			5,959,207			77,184			2,089,127
Administration		609,029			—			22,053			—
Transfer agent		18,666			17,550			10,614			16,104
Custodian		94,500			141,226			10,463			79,332
Reports to shareholders		57,056			130,039			7,320			41,514
Directors/Trustees		36,724			79,788			12,544			30,744
Registration		24,563			33,957			807			31,586
Independent accountants		44,593			43,548			14,379			39,490
Legal		39,146			80,434			6,013			29,355
Insurance		29,231			69,814			1,576			25,189
Auction agent		393,188			971,490			22,852			344,642
Miscellaneous		45,621			85,317			17,593			42,982

Total expenses		2,813,385			7,612,370			203,398			2,770,065
Less fees waived by Advisor		—			(2,483,003	)		—			(870,470	)
Less fees paid indirectly		(4,866	)		(5,278	)		(6,545	)		(8,793	)

Net expenses		2,808,519			5,124,089			196,853			1,890,802

Net investment income		19,680,873			52,143,566			927,165			17,211,060


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(1,261,304	)		(4,948,562	)		(141,621	)		(3,129,812	)
Futures		(1,442,776	)		(5,901,089	)		(14,974	)		(2,195,962	)

		(2,704,080	)		(10,849,651	)		(156,595	)		(5,325,774	)

Net change in unrealized appreciation/depreciation on:
Investments		8,225,892			27,124,522			54,326			16,876,090
Futures		(1,374,651	)		(4,940,945	)		(6,061	)		(1,831,469	)

		6,851,241			22,183,577			48,265			15,044,621

Net change in transactions related to investment
violation¹:
Realized and unrealized losses		—			—			(18,421	)		—
Reimbursements from Advisor		—			—			18,421			—
Realized and unrealized gains		167,280			—			10,779			—

		167,280			—			10,779			—

Net gain (loss)		4,314,441			11,333,926			(97,551	)		9,718,847


Dividends and Distributions to
Preferred Shareholders from:
Net investment income		(1,560,276	)		(3,870,243	)		(61,122	)		(1,276,088	)
Net realized gains		—			—			(3,726	)		—

Total dividends and distributions		(1,560,276	)		(3,870,243	)		(64,848	)		(1,276,088	)

Net Increase in Net Assets Applicable
to Common Shareholders Resulting
from Operations	$	22,435,038		$	59,607,249		$	764,766		$	25,653,819

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

See Notes to Financial Statements.

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


$	1,320,020		$	8,411,655		$	1,173,494		$	9,624,433		$	1,501,865		$	16,009,531


	89,371			945,314			78,659			1,050,378			104,366			1,789,357
	25,535			—			22,475			—			29,819			—
	11,346			16,104			11,346			15,309			11,346			16,104
	10,111			53,458			9,870			53,428			12,050			68,609
	7,320			22,906			7,320			26,572			7,320			40,663
	12,544			14,274			12,544			15,738			12,544			26,718
	857			22,560			807			22,560			930			31,586
	14,379			37,241			14,379			37,823			14,379			39,973
	6,013			19,146			6,013			19,205			6,013			29,432
	1,825			13,989			1,627			12,719			2,134			21,619
	25,096			151,455			22,823			167,090			28,595			288,982
	17,991			27,984			17,879			28,793			18,025			38,946

	222,388			1,324,431			205,742			1,449,615			247,521			2,391,989
	—			(393,881	)		—			(437,658	)		—			(745,565	)
	(5,393	)		(4,780	)		(5,052	)		(4,384	)		(4,832	)		(4,569	)

	216,995			925,770			200,690			1,007,573			242,689			1,641,855

	1,103,025			7,485,885			972,804			8,616,860			1,259,176			14,367,676



	165,971			329,153			173,985			174,559			95,047			200,520
	(19,623	)		(837,327	)		(14,974	)		(989,780	)		(24,608	)		(1,478,092	)

	146,348			(508,174	)		159,011			(815,221	)		70,439			(1,277,572	)


	(389,521	)		4,201,859			(350,999	)		6,199,284			(71,668	)		6,906,153
	(8,407	)		(696,470	)		(6,063	)		(846,903	)		(10,435	)		(1,218,440	)

	(397,928	)		3,505,389			(357,062	)		5,352,381			(82,103	)		5,687,713



	—			—			(86,481	)		—			(3,690	)		—
	—			—			86,481			—			3,690			—
	46,656			—			—			—			4,284			—

	46,656			—			—			—			4,284			—

	(204,924	)		2,997,215			(198,051	)		4,537,160			(7,380	)		4,410,141



	(78,189	)		(548,629	)		(70,911	)		(623,629	)		(92,575	)		(1,058,252	)
	(24,220	)		—			—			—			—			—

	(102,409	)		(548,629	)		(70,911	)		(623,629	)		(92,575	)		(1,058,252	)



$	795,692		$	9,934,471		$	703,842		$	12,530,391		$	1,159,221		$	17,719,565

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended October 31, 2004 and 2003

	Investment Quality Municipal Trust ^(BKN)						Municipal Income Trust ^(BFK)

	2004			2003			2004			2003

Increase (Decrease) in Net Assets
Applicable to Common Shareholders
Operations:
Net investment income	$	19,680,873		$	19,425,882		$	52,143,566		$	53,252,034
Net realized gain (loss)		(2,704,080	)		(3,112,753	)		(10,849,651	)		(21,756,169	)
Net change in unrealized appreciation/depreciation		6,851,241			1,574,886			22,183,577			37,007,594
Net change in transactions related to investment
violation¹		167,280			—			—			—
Dividends and distributions to preferred
shareholders from:
Net investment income		(1,560,276	)		(1,501,763	)		(3,870,243	)		(3,836,525	)
Net realized gains		—			—			—			—

Net increase in net assets resulting from operations		22,435,038			16,386,252			59,607,249			64,666,934

Dividends and Distributions to Common
Shareholders from:
Net investment income		(15,274,761	)		(14,781,077	)		(42,421,794	)		(41,326,371	)
Net realized gains		—			—			—			—

Total dividends and distributions		(15,274,761	)		(14,781,077	)		(42,421,794	)		(41,326,371	)

Capital Share Transactions:
Reinvestment of common dividends		—			—			519,196			922,048

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

Total increase (decrease)		7,160,277			1,605,175			17,704,651			24,262,611

Net Assets Applicable to
Common Shareholders
Beginning of year		255,314,691			253,709,516			603,943,490			579,680,879

End of year	$	262,474,968		$	255,314,691		$	621,648,141		$	603,943,490

End of year undistributed net investment income	$	12,876,540		$	10,109,122		$	20,211,294		$	14,382,973


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

See Notes to Financial Statements.

California Investment